Full text of Economic Indicators : June 1968
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90th Congress, 2nd Session
Economic Indicators
June 1968
Prepared for the Joint Economic Committee hy the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1968
JOINT ECONOMIC COMMITTEE
(Created pursuant to Sec. 5 ( 0 of Public Law 304, 79th Cong.)
WILLIAM PROXMIRE, Wisconsin, Chairman
WRIGHT PATMAN, Texas, Vice Chairman
HOUSE OF REPRESENTATIVES
SENATE
JOHN SPARKMAN (Alabama)
J. W. FULBRIGHT (Arkansas)
HERMAN E. TALMADGE (Georgia)
STUART SYMINGTON (Missouri)
ABRAHAM RIBICOFF (Connecticut)
JACOB K. JAVITS (New York)
JACK MILLER (Iowa)
LEN B. JORDAN (Idaho)
CHARLES H. PERCY (Illinois)
RICHARD BOLLING (Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
MARTHA W. GRIFFITHS (Michigan)
WILLIAM S. MOORHEAD (Pennsylvania)
THOMAS B. CURTIS (Missouri)
WILLIAM B. WIDNALL (New Jersey)
DONALD RUMSFELD (Illinois)
W. E. BROCK 3d (Tennessee)
JOHN R. STARK, Executive Director
JAMES W. KNOWLES, Director of Research
COUNCIL OF ECONOMIC ADVISERS
ARTHUR M. OKUN, Chairman
JAMES S. DUESENBERRY
MERTON J. PECK
Economic Indicators prepared under supervision of FRANCES M. JAMES
[PUBLIC L A W 120—81ST CONGRESS; C H A P T E R 237—1ST SESSION]
JOINT RESOLUTION [S J- Res, 55]
To print the monthly publication entitled *'Economic Indicators*'
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled^ That the Joint
Economic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
sufficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant at
Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies to
the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint Economic
Committee; and the required number of copies to the Superintendent of Documents for distribution to depository
libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to the public.
Approved June 23, 1949.
Charts drawn by Art Production Branch, Office of the Secretary, Department of Commerce,
Economic Indicators, published monthly, is available at 25 cents a single copy
or by subscription at $2.50 per year (foreign, $3.50) from:
SUPERINTENDENT OF DOCUMENTS
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C 20402
Subscribers who wish to receive it at an earlier date after release may take advantage of provisions for airmail subscriptions. The domestic airmail subscription
price is $6.10 per year.
The 1967 revised edition of the Historical and Descriptive Supplement to
Economic Indicators, which describes each series and gives annual data for years
not shown in the monthly issues, is available at 70 cents a copy from the
Superintendent of Documents, Government Printing Office.
ii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Current estimates indicate that gross national product advanced a record $ 1 9 % billion (seasonally adjusted annual
rate) in the first quarter.
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Persons
Government
i
Disposable personal income
Period
Less:
Interest
paid and
Total» transfer
payments
to foreigners
Net receipts
Expenditures
Surplus
or
deficit
PerEquals: Personal sonal
Less:
Less:
Total consump- saving
Tax
Trans- Equals: Total
Trans- Equals:
excludor
tion
and
Purfers,
fers,
ing
expend- disnontax interest, Net
expend- interest, chases
interest itures saving receipts and receipts itures
of goods
and
and
or
and
subsub- 2 services
transaccruals sidies 2
sidies
fers
income
and
product
accounts
1
1960
196U
1962
1963
1964..
1965..
1966
1967
1966: I
IV_".I
1967: I
III...
1968: I
350. 0
364. 4
385. 3
404. 6
438. 1
472.
508. 8
544. 7
497. 5
503. 3
512. 4
522. 0
532. 7
540. 0
548. 2
557. 9
571. 5
7. 8
8. 1
8. 6
9.7
10.7
11.9
13. 1
14.2
12.6
13. 0
13.1
13. 5
13.8
14.3
14.3
14.5
14.8
342. 3
356. 3
376. 6
394. 9
427. 4
460. 3
495. 7
530. 5
484. 9
490. 3
499. 3
508. 5
518. 9
525. 7
533. 9
543. 4
556. 7
325. ?,
335. 2
355. 1
375. 0
401. ?
433. 1
465. 9
491. 7
458. 2
461. 6
470. 1
473. 8
480. 2
489. 7
495. 3
501. 8
518. 7
17.0
21.2
21. 6
19.9
26.2
27.2
29.8
38.7
26.6
28.7
29.2
34.6
38.8
36.0
3a 5
41.6
38.0
139.8
144 6
157. 0
168.8
174. 1
188.8
213.0
227.6
204.3
210.6
216.3
220.9
222.8
223.2
229.3
235.2
244.0
103. 3
103.3
114, 2
124.3
127. 3
139. 1
157.5
163. 0
150.9
157.5
16a 2
161.5
159.6
160.1
164.9
171.0
176.8
136. 1
149.0
159.9
16a 9
175.4
186. 1
209.8
240.0
199.8
204.4
213.7
221.2
233. 6
238. 1
242. 6
245.9
255.4
International
Business
Period
36.5
41.3
4Z8
44.4
46.7
49. 7
55.5
63.7
53.4
53.1
56. 1
59.4
63.2
63. 1
64.4
64. 2
67.2
36. 5
41.3
42. 8
44.4
46.7
49.7
55.5
63.7
53.4
53. 1
56. 1
59.4
63.2
63. 1
64. 4
64.2
67.2
99. 6
107.6
117. 1
122.5
128.7
136. 4
154.3
176.3
146.5
151.2
157.7
161.7
170.4
175.0
178.2
181.7
188.3
3. 7
-4.3
— 2.9
1.8
-1.4
2.7
3.2
-12.4
4. 6
6. 1
2.6
-.3
-10. S
-15.0
-13.3
-10.8
-11.4
i
|
Gross
Total
Statis- national
Net exports of goods
Net
product
tical
Excess of income
and services
transfers
Gross
or "
discreptransfers
or
Excess to forGross
expendor
of
eigners
retained private
receipts ancy
domestic invest- by periture
of net
earn1
investment sons and Exports Less: Equals: exports
ings3
Net
ment 4
Imports exports
Government
1
1960
1961
1962_
19631964
1965._
1966
1967.
1966: I
II
III.
IV. _
1967: I
II
IV. _
1968: I
56.8
58. 7
66. 3
68. 8
76. 2
83. 7
89.7
90. 5
87. 6
88.4
89. 5
93.6
88. 9
89. 1
90.4
93.9
94. 1
74.8
71. 7
83. 0
87. 1
94. 0
1
L07. 4
]L18. 0
112. 1
1
L15. 2
1
118. 5
1
116.4
]L22. 2
L10. 4
1
1
L05. 1
1
L12. 2
1
L20. 8
]118. 0
-18. 0
-13.0
— 16.8
— 18.4
-17. S
-23.8
-28.3
-21.6
-27.6
-30. 1
-26.9
-28.6
-21.5
-16.0
-21.8
-26.9
-23.9
2. 4
2.6
2. 7
2.8
2.8
2.8
2.9
2.9
3.4
2.9
2.8
2. 5
2.9
3. 1
3. 1
2.7
2.9
27.2
28. 6
30. 3
32.3
37. 1
39. 1
43. 0
45. 3
42. 0
42. 5
43. 7
44. 0
45.3
45. 1
45.6
45.4
47. 2
1
Personal income ( P . 5) less personal tax and nontax payments (fines, penalties, etc.).
2
Government transfer payments to persons, foreign net transfers by Government, net interest paid by government, and subsidies less current surplus of
government enterprises.
* Undistributed corporate profits, corporate inventory valuation adjustment,
capital consumption allowances, and wage accruals less disbursements. Does
not include retained earnings of unincorporated business, which are included
In disposable personal income.
23. 2
23. 0
25. 1
26.4
28.6
32.2
37.9
40.6
36. 0
37. 1
39.0
39.7
39.9
39. S
40. 2
42.4
4o. 5
4.0
5.6
5. 1
5.9
8.5
6.9
5. 1
4.8
6. 1
5.4
4. 6
4.3
5.3
5.3
5. 4
3.0
1. 7
-1.7
-3.0
-2. 5
-3. 1
-5.7
-4. 1
-2.2
-1.8
-2.7
-2.5
-1.8
-1.8
-2.5
-2.3
-2.3
-.3
1.2
504.8
520. S
559.8
590. 8
633.7
685. S
745.9
787. S
726.8
738.8
751.9
765.9
770.3
777.9
792.4
811. 0
S30. 5
-1. 0
-. 8
.5
-.3
-1.3
-2. 0
-2. 6
-3.0
-.9
-2.2
-3.2
-3. S ;
-4. 0 :
— 2. S;
-1.2
-3. o
-4.0 i
503.7
520. 1
560. 3
590. 5
632.4
683.9
743. 3
785.0
725. 9
736. 7
748. S
762. 1
766. 3
775. 1
791. 2
807. 3
826. 7
* Private business investment, purchases of capital goods by private nonprofit
institutions, and residential housing.
»Net foreign investment with sign changed.
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
GROSS NATIONAL PRODUCT OR EXPENDITURE
Gross national product (seasonally adjusted) advanced at an annual rate of about 10 percent in the first quarter,
according to current estimates. About three-fifths of the increase represented a rise in physical output and the
rest higher prices.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
PERSONAL CONSUMPTION
EXPENDITURES
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
100
1962
SOUHCEi DEPARTMENT OF COMMERCE
Period
COUNCIl OF ECONOMIC ADVISERS
Total
Personal Gross
Net
gross
Total
conprivate exports
national gross
sump- domestic of goods
product national
tion
investand
in 1958 product expend- ment
services
itures
prices
Government purchases of goods and
services
Federal
State
Total
and
National Other
Total defense1
local
Implicit
price
deflator
for total
GNP,
1958=100*
Billions of dollars; quarterly data at seasonally adjusted annual rates
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
452-5
447. S
475.9
487,7
497.2
529.8
551.0
581.1
616.7
652.6
669.3
1966:
645. 4
649. 3
654.8
661.1
660.7
664. 7
672.0
679.6
689.7
II.,.
Ill
1V__
1967: I___,
II...
III..
IV-.
1968: ! , . _
441. 1
447,3
483.7
503.7
520. 1
560. 3
590. 5
632.4
683.9
743.3
785.0
725.9
736.7
748. S
762. 1
766.3
775. 1
791. 2
807.3
826.7
281.4
290. 1
311. 2
325.2
335. 2
355. 1
375. 0
401.2
433. 1
465.9
491.7
458.2
461.6
470. 1
473.8
480.2
489. 7
495. 3
501.8
518. 7
67. 8
60.9
75.3
74.8
71.7
83.0
87. 1
94. 0
107.4
118. 0
112. 1
115.2
118.5
116.4
122.2
110.4
105.1
112. 2
120. 8
118,0
»This category corresponds closely with budget expenditures for national
defense, shown on p. 36.
'Gross national product in current prices divided by gross national product
in 195? prices.
5.7
2. 2
. 1
4.0
5.6
5.1
5.9
8.5
6.9
5.1
4.8
6, 1
5.4
4.6
4. 3
5.3
5.3
5.4
3.0
1.7
86.1
94.2
97.0
99.6
107. 6
117. 1
122. 5
128.7
136.4
154.3
176.3
146.5
151.2
157.7
161.7
170.4
175. 0
178L 2
181.7
188. 3
49.5
53.6
53.7
53. 5
57. 4
63.4
64.2
65,2
6a s
77. 0
89.9
72.1
74.9
79. 5
81. 5
87.1
89. 5
90. 9
92,2
96. 2
44.2
45.9
46.0
44.9
47.8
51.6
50.8
50. 0
50.1
60.5
72.5
55. 1
58.4
63. 0
65. G
70.2
72.5
73. 3
74.2
76,7
5.3
7.7
7.6
8.6
9.6
11.8
13.5
15.2
16,7
ias
17.4
17. 1
16. 6
16. 6
15, 9
16.8
17.0
17. 6
18.0
19. 5
36.6
40.6
43.3
46. 1
50.2
53.7
58.2
63.5
69.6
77.2
86.4
74.3
76.2
78. 1
80.2
83.3
85.4
87.4
89.5
92. 1
NOTE.—Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
97.5
100.0
101.6
103.3
104.6
105.8
107. 2
108.8
110.9
113.9
117.3
112.5
113.5
114.4
115.3
116. 0
116.6
117. 7
118.8
119. 9
NATIONAL INCOME
Revised estimates indicate that national income rose $17 billion (seasonally adjusted annual rate) in the firsf
quarter, reflecting a record $14 billion advance in compensation of employees. Corporate profits (before taxes) and
inventory valuation adjustment increased $ 1 % billion. Other types of income also increased.
BILUONS OF DOLLARS
700
BILUONS OF DOLLARS
1 700
SEASONA1LY ADJUSTED ANNUAL RATES
600
600
TOTAL NATIONAL INCOME
JlpNAL I
500
500
COMPENSATION OF EMPLOYEES
400
400
300
300
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
PROPRIETORS' AND
RENTAL INCOME
100
1962
100
1963
SOURCE. DEPARTMENT OF CQMMEft«
_„
.
..
.
IV
1967: I
II_
Ill
IV_
1968: I
.
_
II
III
.
COUNCIL OF ECONOMIC ADV1SEK
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Corporate profits and invenRental
Proprietors' income
tory valuation adjustment3
CompenMet
income
Total
sation
of
international
Profits Inventory
Business
of emperest
income
before valuation
Total
and proFarm 2
ployees l
sons
taxes * adjustment
fessional
Period
1958-_-_
1959_ .
1960
1961__
1962
1963._
1964
1965
1966
1967
1966: I
367.8
400. 0
414. 5
427. 3
457.7
481. 9
518. 1
562.4
616.7
650.2
600.3
610.4
622.1
634. 1
636.4
641. 6
653.4
669.3
686.2
257. 8
279. 1
294. 2
302. 6
323. 6
341. 0
365.7
393.9
435.7
469.7
420.8
430.7
441.2
450.2
459.1
463.4
472.6
483.6
497.6
13.4
11. 4
12.0
12.8
13.0
13. 1
12.1
14.8
16.1
14.8
17.1
16.0
15.9
15.1
14.6
14.3
15.0
15.2
15.5
1
Includes employer contributions for social Insurance. (See also p. 4.)
a
Excludes farm profits of corporations engaged In farming and therefore differs
from net farm incomo (Including net inventory change) on p. 6 which includes
such profits.
1968
1967
33.2
35. 1
34.2
35.6
37.1
37. 9
40.2
41.9
43.2
43.6
42.8
43.3
43.3
43.4
43.2
43.4
43. S
44. 1
44.4
15.4
15.6
15.8
16.0
16.7
17. 1
18.0
19.0
19.4
20.1
19.2
19.3
19.4
19.6
19.8
20.0
20.2
20.4
20.6
6.8
7.1
8.4
10.0
11.6
13.8
15.8
17.9
20.2
22. 4
19.3
19.8
20.4
21.1
21.6
22.1
22.7
23.3
23.9
41. 1
51.7
49.9
50. 3
55.7
58.9
66.3
74.9
82.2
79.6
81.1
81.3
81.9
84.6
78.1
78.3
79.2
82.7
84.2
41.4
52.1
49.7
50.3
55.4
59.4
66.8
76.6
83.8
80.7
83.7
83.6
84.0
83.9
79.0
78.9
SO. 0
85. 1
88.7
s Sec Note, p . 7.
NOTE.—Data for Alaska and Hawaii included beginning 19C0.
Source: Department of Commerce.
-0.3
-.5
.2
-. 1
.3
—. 5
1.7
— 1.6
-1.2
-2.6
-2.3
-2.2
.7
o
-.7
-2.3
-4 5
SOURCES OF PERSONAL INCOME
Personal income rose nearly $41/4 billion (seasonally adjusted annual rate) in M a y after a rise of a bit more than
$ 3 % billion in April. Compared with M a y 1967 personal income was up a record 3>55.8 billion.
BILLIONS OF DOLLARS
700
WAGE AND SALARY DISBURSEMENTS
100
100
1968
1962
SOURCE: DEPARTMENT OF COMMERCE
Period
Total
personal
income
1959
I960
1961___
_
1962
1963
1964 _
1965
1966 .
1967
1967: Apr
May
June
July
Aug___
Sept_._
Oct
Nov...
Dec.
196S: Jan
Feb....
Mar....
Apr...
May »__
383,5
401.0
416.8
442.6
465. 5
497. 5
537. 8
584. 0
626.4
616.5
618. 2
622.6
627.0
631,6
634.4
635.9
642.4
649.3
650. 9
659,4
666.5
669,8
674. 0
[Billions of dollars; monthly data at seasonally adjusted annual rates]
Wage
Personal Transfer
Other Proprietors' income Rental
and
Divi- interest
Business income
salary
labor
payOI
dends income ments
and prodisburse- income2 Farm
nf
fessional persons
ments 1
11.4
35.1
20.7
258. 2
11.3
15.6
12. 6
26.6
12.0
34.2
13.4
12.0
15.8
23.4
270.8
28.5
35.6
25.0
16.0
13,8
32.4
12.7
278.1
12.8
13.0
37.1
27.7
13.9
16.7
15. 2
33.3
296. 1
14. 9
13. 1
16. 5
37. 9
311. 1
17. 1
35. 3
31. 4
12. 1
40.2
333. 7
16. 6
18. 0
17. 8
34 9
36. 7
14. 8
18. 6
19. 0
41. 9
359. 1
19. S
38. 4
39. 7
43. 2
394, 6
20. 8
19. 4
21. 5
42. 4
16. 1
43. 9
23.2
43. 6
423. 8
14 8
20. 1
22 8
46, 5
51. 9
14 4
416.7
22,6
43.3
22.8
20.0
45. 8
51.0
417.2
22.8
14 4
20. 0
23. 1
46.0
51.5
4a 4
14 3
43.6
420.9
23. 1
20, 1
23. 3
46. 1
51.6
14 7
43.7
423.4
23. 3
20. 2
23. 5
46.4
52.2
426.7
23.6
15.0
43.8
20.2
23. 5
46.9
52.4
428.5
23.8
15,3
43.9
20.3
23.4
47.3
52.5
15. 1
44 0
429.4
24 0
20.3
23.2
47.6
52.8
15.2
44 1
435.3
24.3
20.4
23. 1
48.0
52.8
443. 1
24.6
15.3
44 2
20. 4
21.0
48.5
53. 1
442.4
24.9
15.3
44 3
20.5
22.9
48.9
54 0
15.4
44.4
449.0
25.2
20.5
23.2
49.5
54.7
15.6
44 5
451.4
25. 5
20.6
23. 6
50.1
58. 1
452.8
25.8
15.5
44 5
20. 6
24.0
50.5
58.8
455.7
26. 1
15.5
44.6
20.7
24.4
50.8
59. 1
1
Compensation of employees (see p. 3) excluding employer contributions for
social insurance and vrase accruals less disbursements.
2
Employer contributions to private pension, health, and welfare funds; compensation for injuries; directors' fees; military reserve pay; and a few other minor
items.
COUNCrt. OF ECONOMIC ADVISERS
Less: Personal contributions
for social
insurance
7. 9
9.3
9.6
10. 3
11. 8
12. 5
13. 4
17. 9
20 4
20!l
20. 1
20. 3
20.4
20.6
20.6
20.6
20.8
21. 1
22. 3
22.6
22.8
22. 7
22.8
Nonagricultural
personal
3
income
368. 5
385.2
400.0
425. 5
448. 1
480, 9
518. 4
563. 1
606* 5
596*. 9
598.8
603.2
607. 2
611.4
614.0
615. 7
622.0
628.8
630.3
638.7
645.6
649. 1
653.2
3
Personal income exclusive of net Income of unincorporated farm enterprises,
farm wages, agricultural net interest, and net dividends paid by agricultural
corporations.
NOTE,—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
DISPOSITION OF PERSONAL INCOME
Current estimates indicate that personal income advanced a record $16V& billion (seasonally adjusted annual rate)
in the first quarter and disposable income rose $1 Vk billion. With personal outlays sur$ing ahead by a record $1 Vh
billion, the saving rate dropped sharply from 7.5 to 6.6 percent.
BILLIONS OF DOLLARS
600
DOLLARS
3,000
BILLIONS OF DOLLARS
600
DOLLARS
3,000
PER CAPITA DISPOSABLE PERSONAL I N C O M E
SEASONALLY ADJUSTED ANNUAL RATES
***
2,800
2,800
^
2,600
2,600
.— —•
IN CURRENT PRICES
—
2,400
-——"1
2,200
*-
^ ^ ^^-^^
»»•
2,000
1,800 A
V
\
1
1962
2,200
IN 1958 PRICES
2,000
}
I
r
:
n
1963
t
1
1964-
1
\
\
1965
\
(
1
1
M966
t
1
1967
SOURCE. DEPARTMENT OF COMMERCE
Period
Less:
PerPersonal
sonal tax and
income nontax
payments
337.3
350.0
364.4
385.3
404.6
438. 1
472.2
508.8
544.7
1966: I . . .
II-_
III.
IV.
1967: I . . .
II__
III.
IV.
1968: ! „
70.
74
76.
79.
80.
79.
82.
84.
87.
497.
503.
512.
522.
532.
540.
548.
557.
571.
4
1
9
6
2
1
8
7
5
5
3
4
0
7
0
2
9
5
Billions of dollars
318.3
44.3
146.6
120. 3
333. 0
151.3
128.7
45.3
44.2
155.9
135.1
343.3
162.6
143.0
363.7
49.5
384.7
53.9
168.6
152.4
411.9
59. 2
178.7
163. 3
445. 0
66. 0
191.2
175.9
479. 0
70.3
207. 5
188. 1
505.9
72.1
217.5
202. 1
Seasonally adjusted annual rates
470. 9
71.6
203. 2
183.5
68.2
207. 1
186.3
474,6
483.2
70.9
209. 5
189.8
487.4
70.6
210. 3
192.9
493.9
69.4
214, 2
196.6
504.0
72.5
217. 2
200.0
509.6
72. 7
218. 5
204. 1
516.2
73.8
220. 3
207.7
78.4
228. 1
212.1
533.5
includes personal consumption expenditures, interest paid by consumers,
and personal transfer payments to foreigners.
:
Sec p. 2 for total personal consumption expenditures.
includes armed forces abroad. Annual data are for July 1; quarterly data
are for middle of period, interpolated from monthly data.
t
f
1
Is
1,800
1968
Per capita disLess: Personal outlays
posable personal
Equals:
Personal consumption
Equals:
Disexpenditures 2
Personal
Total
posable
saving Current
Non1958
personal personal Durable
durable Services
prices
prices
income outlays x
goods
goods
46.2
50.9
52.4
57.4
60. 9
59.4
65.6
75.2
81.7
S
3
3
6
9
1
0
5
0
I
COUNCIL OF ECONOMIC ADYttEKS
1959
383.5
1960
401.0
1961
416.8
1962..
442.6
1963
I 465. 5
1964
497.5
1965
537.8
1966_._
. 584.0
1967
I 626.4
567.
577.
589.
601.
612.
619.
631.
642.
659.
2,400
—7
19.1
17.0
21.2
21.6
19.9
26.2
27.2
29.8
38.7
Dollars
1,905
1,881
1,883
1,937
1,909
1,983
1,968
2,064
2,013
2,136
2, 123
2,280
2,232
2,427
2,317
2,584
2,393
2,736
26.
28.
29.
34.
38.
36.
38.
41.
38.
2,537
2,560
2,598
2,639
2,686
2,716
2,749
2,789
2,851
6
7
2
6
8
0
5
6
0
2,304
2,302
2,324
2,341
2,373
2,388
2,394
2,413
2,445
Saving
as percent of
Population
dis(thouposable
personal sands) 3
income
(percent)
5.6
4.9
5.8
5.6
4. 9
6.0
5.8
5. 9
7. 1
177,073
180, 684
183, 756
186, 656
189,417
192, 120
194, 592
196, 920
199, U S
5.3
5.7
5.7
6.6
7.3
6.7
7.0
7.5
6.6
196, 096
196, 629
197, 216
197, 834
198, 356
198, 852
199, 425
200, 006
200, 433
NOTE.—Data for Alaska and Hawaii included beginning I960.
Sources: Department of Commerce and Council of Economic Advisers.
Net farm income excluding inventory change (seasonally adjusted) advanced 6 % percent in the first quarter, according
to current estimates. Including inventory change, there was a rise of 2 percent.
BILLIONS OF DOLLARS
60
BILLIONS OF DOLLARS
60
SEASONALLY ADJUSTED ANNUAL HATES
50
50
REALIZED GROSS
FARM INCOME
40
40
30
30
NET FARM INCOME
INCLUDING NET INVENTORY.
CHANGE
20
20
1
0
10
J
1962
L
J
J
L
1963
!
1964
1
L
<
1965
'
Personal income received by
total farm population
1966: I —
II—
III,
IV.
1967: I_._
II,.
III.
IV1968: I . . .
From
all
sources
18.1
18L7
19.0
19.2
18.7
18.0
20.3
21.3
20.1
From
From
farm
nonfarm
sources sources
1967
1
1968
11.0
11.4
12. 1
12.2
12. 0
11.2
13.4
14.4
13.2
7.0
7.2
6.9
7.0
6.7
6.8
6.9
6.9
6.9
Net to farm
operators
Net income per
farm including net
inventory changea
ProducCash
tion ex- Exclud- Includreceipts penses ingnetin- ing net in- Current
1967
from
Total
prices prices 4
ventory ventory
2
marketchange change
ings
Dollars
Billions of dollars
3, 106
2,795
11.5
37.5
33.5
26. 1
11.4
3,381
3,043
12.0
37.9
34. 0
26.2
11,7
3,724
3,389
12.9
39.6
34.9
27.0
12.6
3,872
3,562
13. 1
41.1
36.2
28.5
12.5
3,947
13. 1
3,671
42. 1
37.2
29,6
12.5
3,774
12.2
3,510
42.4
37. 1
29.4
13.0
14.9
4,645
4,413
44.8
39. 1
30.9
13.9
16. 2
5,090
4,988
49.7
43. 2
33.3
16. 4
14.9
4,705
4,705
48.9
42.5
34.4
14,5
Seasonally adjusted annual rates
5,480
17. 3
5,320
43,3
32.6
16.9
49.5
5,080
33. 1
16.4
16.2
4,980
49.5
43. 1
5,000
4,950
50.0
43.3
33.5
16.5
16. 1
4,760
15.9
15. 3
4,710
49.9
43.2
34.0
4,720
14.8
4,670
42,6
34.3
15.0
49.3
4, 580
34.5
14,6
14. 5
4,580
49. 1
42.4
4,750
4,800
49. 2
42,9
34.4
14.8
15.2
4,810
13.9
15.4
4,860
48.1
42.1
34.2
5,040
15.7
5, 140
43. 3
34.9
14.8
49.7
* Cash receipts from marketings, Government payments, and nonmoney Income furnished by farms.
'Inventory of crops and livestock valned at the average price for the year.
Also, sec footnote 2, p. 3.
1
Based on 1950 Census of Agriculture definition of o farm. The number of
farms Is held constant within a year.
I
1
Income received from farming
Realized gross
1959
1960
1961
1962
1963
1964
1965
1966
1967
1
1966
COUNOL O f ECONOMIC ADVIKSS
DEPARTMENT OF ACWCUlTUtE
Period
\
* Income in current prices divided by the index of prices paid by farmers for
family living Items on a 1967 base.
Source: Department of Agriculture.
GROSS PRIVATE DOMESTIC INVESTMENT
Dominated by a $ 6 % billion (seasonally adjusted annual rate) drop in inventory investment, gross private domestic
investment fell almost $3 billion in the first quarter. Business fixed investment advanced over $3 billion to a new record
high. Residential construction continued to rise with a gain of over $1/2 billion.
BILLIONS OF DOLLARS
140
BILLIONS OF DOLLARS
140
SEASONALLY ADJUSTED ANNUAL RATES
120
120
KX
GROSS PRIVATE DOMESTIC
INVESTMENT
10
0
100
80
80
PRODUCERS'
DURABLE EQUIPMENT.
60
60
2.—•••••'
40
40
20
20
-ra
NONRESIDENTIAL STRUCTURES
^
.CHANGE IN BUSINESS
INVENTORIES
1962
1965
1964
1966
1967
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF COMMERCE
[Billions of dollars; quarterly data at seasonally adjusted annual rates]
Fixed investment
Period
Total
gross
private
domestic Total
investment
Structures
Total
Total
1957.
1958,
1959.
1960.
19G1.
1962.
1963.
1964.
1965,
1966.
1967.
1966:
II.
III
IV-..
1967: I
II
III
IV
1968: I
67. S
60.9
75.3
74. 8
71.7
83. 0
87. 1
94 0
107.4
118. 0
112. 1
115. 2
H 118. 5
! 116.4
_; 122.2
110.4
105. 1
112.2
120.8
118.0
66.5
62.4
70.5
71.3
69. 7
77.0
81.3
88.2
98. 0
104. 6
107. 0
105. 3
104 5
104 9
103. 7
103.3
104 6
108. 4
111.6
115. 4
46.4
41.6
45.1
48.4
47.0
51.7
54 3
61. 1
71. 1
80.2
82.6
78.3
78.7
81. 2
82.8
81. 9
81.5
82. 8
84.0
87.2
NOTE.—Data for Alaska and Hawaii included beginning 1900.
8
Residential
structures
Nonresidential
18.0
16.6
16.7
18. 1
18.4
19. 2
19.5
21.2
25.1
27.9
26.8
28.3
27.5
28.2
27.7
27.7
26.3
26. 6
26.7
28. 5
Nonfarm
17. 2
15.8
15.9
17.4
17.7
18. 5
18.8
20.5
24.4
27.2
26. 1
27.6
26.8
27.4
26.9
26.9
25,6
25.9
25.9
27. 8
Producers' durable equipment
Total
28.4
25. 0
28. 4
30.3
28. 6
32.5
34 8
39.9
46. 0
52.3
55.7
50. 0
51. 2
53. 1
55. 1
54 2
55.2
56. 2
57. 3
58.7
Nonfarm
25.9
22.2
25. 4
27.7
25.8
29. 4
31.2
36.3
4f.9
47.8
51.4
45.5
46.9
48.7
50.1
50.0
50.6
51.9
53,0
54.3
Total
20.2
20.8
25. 5
22. 8
22.6
25.3
27. 0
27.1
27.0
24.4
24 4
27.0
25.8
23.7
20.9
21.4
23.1
25. 6
27.6
28. 2
Nonfarm
19. 5
20. 1
24 8
22.2
22.0
24 8
26,4
26. 6
26.4
23.8
23.9
26. 5
25. 3
23. 2
20. 4
20.9
22. 5
25. 0
27.0
27.6
Source: Department of Commerce.
Change in business inventories
Total
1.3
-1.5
4 8
3.6
2.0
6,0
5.9
5.8
9.4
13.4
5.2
9.9
14 0
11. 4
18. 5
7. 1
.5
3.8
9.2
2.7
Nonfarm
0.8
-2.3
4 8
3.3
1.7
5.3
5. 1
6.4
S. 4
13.7
4 8
9.6
14 4
12.0
19.0
7.3
.6
3,4
7.7
1.8
CORPORATE PROFITS
Corporate profits before taxes increased $ 3 % billion (seasonally adjusted annual rate) to a record of almost $90
billion in the first quarter, according to revised estimates. Profits after taxes increased about $21/2 billion and dividend
payments increased nearly $1 billion.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
30
20
10
1968
COUNCIL'OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
Period
[Billions of dollars; quarterly data at seasonally
Corporate profits (before taxes) and inventory
valuation adjustment
TransCorpoManufacturing
portation,
rate
comprofits
NonAll
All 1 before
Durable durable muniindusgoods
taxes
goods cations, other
tries Total indusand
indus- public
tries
tries
utilities
1959
1960
1961
1962
1963
1964
1965
1966
1967
1966: I . . . .
II™
IIL_
IV. _
1967: I.___
IT—
IV._
1968:1
51. 7
49.9
50.3
55.7
58.9
66.3
74.9
82.2
79.6
81.1
SI. 3
81.9
84.6
78.1
78. 3
79.2
82.7
84.2
26. 3
24. 4
23.3
26. 6
28.8
32.7
38.7
43. 1
39.3
42.7
42.5
42.7
44.4
39.6
38.9
38. 2
40.6
41.9
13. 6
12.0
11. 4
14. 1
15.8
17.8
22.2
24.4
21.3
24.3
24.0
23.9
25.3
21.1
21. 1
20.5
22.4
22.5
12. 7
12. 4
11.9
12.5
13.0
14.9
16.5
18.7
18.0
18.3
18.5
18.8
19.2
18.4
17.8
17.7
18. 3
19.4
7.0
7.5
7.9
8.5
9.5
10.1
11.2
11.9
12. 0
11.7
12.0
11.8
12.0
11.7
11.9
12. 1
12.3
12.5
18L4
17.9
19. 1
20.5
20.6
23.5
25.0
27.2
28.3
26.7
26.8
27.3
28.2
26.9
27.5
28.9
29.8
29.8
includes all other industries and financial institutions.
'Includes depreciation, capital outlays charged to current account, and accidental damapes.
'Corporate profits after taxes plus corporate capital consumption allowances.
95-22 G°—6S-
52. 1
49.7
50.3
55. 4
59.4
66.8
76.6
83.8
80.7
83.7
83.6
84.0
83.9
79.0
78.9
80.0
85. 1
88.7
adjusted annual rates]
Corporate profits
after taxes
Corporate
UnDivitax
liabil- Total dend distributed
payity
ments profits
23.7
23.0
23. 1
24. 2
26.3
28.3
31.4
34.5
33.2
34.5
34.5
34.6
34.6
32.5
32.5
32.9
35.0
36.2
28. 5
26.7
27.2
31.2
33. 1
38.4
45.2
49.3
47.5
49.2
49.2
49.4
49.3
46.5
46.5
47. 1
50. 1
52.5
12.6
13.4
13.8
15.2
16. 5
17.8
19.8
21.5
22.8
21.4
21.6
21.6
21.2
22.2
23.1
23.4
22. 4
23.2
Corporate
capital
consumption
allowances3
15.9
13.2
13.5
16. 0
16.6
20.6
25.4
27.8
24.7
27.8
27.6
27.8
28.2
24.2
23. 4
23.0
27.6
29.2 1
23.5
24.9
26.2
30. 1
31.8
33.9
36.5
39.0
41.4
38.3
38.7
39.2
39.8
40.3
40.9
41.8
42.5
43. 1
Profits
plus
capital
consumption
allowances 3
52. 0
51. 6
53. 5
61. 3
64. 8
72.3
81.7
88.3
88.9
87.5
87.9
88.6
89.1
86.7
87.4
88.8
92.6
95.6
NOTE.—Data beginning 1962 adjusted for effects of new depreciation guidelines ($2M billion for 1962) and therefore not comparable with preceding data.
Data for Alaska and Hawaii included beginning I960.
Source: Department of Commerce.
EXPENDITURES FOR NEW PLANT AND EQUIPMENT
According to the latest survey of investment intentions, business expenditures for new plant and equipment in the
second quarter of 1 9 6 8 should change little from the upward revised first quarter level. A pick-up is anticipated in
the second half of the year, leading to a projected increase of 7 % percent from the fourth quarter of 1 9 6 7 to the
fourth quarter of 1 9 6 8 .
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
70
70
TOTAL NEW P U N T AND EQUIPMENT
20
10
1966
1962
I
1967
1968
- i t e NOTE 3 ON TABLE BELOW
COUNCIL OF ECONOMIC ADVISERS
SOURCES: SECURITIES AND EXCHANGE COMMISSION! AND DEPARTMENT O f COMMERCE
[Billions of dollars ; quarterly data at seasonally adjusted annual ratesJ
Transportation
Manufacturing
Period
Total 1
Total
Durable
goods
Nondurable goods
5.95
6.00
7.33
7. 94
5. 96
6.29
7.30
7.40
7.65
7.84
9. 16
11.05
13.00
13.00
13.24
13.70
13.25
12.65
12.55
12.70
13.20
13. 40
13.55
1967: I
II
III
IV
26.83
28. 70
35. 08
36.96
30. 53
32.54
35.68
34.37
37. 31
39.22
44.90
51.96
60.63
61.66
65.78
61. 65
61. 50
60.90
62.70
11. 04
11.44
14.95
15.96
11. 43
12.07
14.48
13.68
14. 68
15. 69
18. 58
22.45
26.99
26.69
27.63
27.85
27. 00
26.15
26.00
5. 09
5.44
7.62
8.02
5.47
5.77
7. 18
6.27
7.03
7.85
9.43
11.40
13.99
13.70
14.40
14.20
13.75
13.50
13.50
1968: I
II3
III 3
IV3
64.90
64. G
O
66. 05
67. 50
26.35
27.65
28.30
28. 05
13.65
14.45
14.90
14.50
1954
1955
1956.
1957_
1958.
1959.
1960.
1961
1962
1963.
1964.
1965
1966
1967.
1968 5
*
1
E xcludes agriculture.
1
Commercial and other includes trade, service, finance, communications, and
construction.
3
Estimates based on anticipated capital expenditures as reported by business
In late April and May 19G8. Includes adjustments when necessary for systematic
tendencies in anticipatory data.
NOTE.—Beginning 1959 all quarterly data are rounded to nearest $50 million.
Mining
Railroads
.98
. 96
1.24
1.24
. 94
.99
. 99
. 98
1. 08
1. 04
1. 19
1.30
1.47
1.42
1.63
1. 40
1. 30
1.45
1.50
1. 55
1.55
1. GO
1. 7 5
Other
.85
.92
1.23
1.40
.75
. 92
1.03
.67
. 85
1.10
1.41
1.73
1.98
1.53
1.44
1.80
1.55
1.40
1.40
1. 65
1.30
1.35
1.45
1.51
1.60
1.71
1.77
1. 50
2.02
1.94
1.85
2.07
1.92
2.38
2.81
3.44
3.88
4.46
3.05
3.90
4.10
4.45
4.35
3.65
4.75
5.20
Public
utilities
Commercial and
other 2
4. 22
4.31
4.90
6.20
6.09
5. 67
5.68
5.52
5.48
5.65
6.22
6.94
8.41
9.88
11.17
9.20 !
9.70
9.80
10.65
11.60
11. 40
3 0.75 :
11.00 :
8. 23
9.47
11. 05
10.40
9. 81
10. 8S
11.57
11.68
13. 15
13. 82
15. 13
16.73
IS. 36
IS. 25
19. 44
IS. 30
IS. 05
17.95
IS. 70
10.35
19.00
19.30
20. 05
Annual total is the sum of unadjusted expenditures; it does not necessarily
coincide with the average of seasonally adjusted figures.
Thesefiguresdo not agree with the totals included hi the gross national product
estimates of the Department of Commerce, principally because the latter cover
agricultural Investment and also certain equipment and construction outlays
charged to current expense.
Sources: Securities and Exchange Commission and Department of Commerce.
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
The civilian labor force, seasonally adjusted, rose 27O#O00 in M a y . Total civilian employment increased 1 9 3 , 0 0 0 ,
largely due to employment gains for adult women. As a result, unemployment rose 77,000.
MILLIONS OF PERSONS*
MILLIONS OF PERSONS*
PERCENT OF CIVILIAN LABOR FORCE
SEASONALLY ADJUSTED
UNEMPLOYMENT RATE
8
ni
1
4
i
4
0
963
962
196^ I
965
1966
fl Ifit
|
\
1967
1
1963
* 1 6 YEARS OF AGE AND OVER.
SOURCEj DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
Civilian em* ployment
Total
Civilian employment
labor
force
UnemCivilian
NonNon(includ- labor
Period
ployAgriagrig
ing
Total
ment
force
Total
culculcularmed
tural
tural
tural
forces)
Thousands of persons 16 years of age and over
1963.__ 74, 571 67, 762 63, 076 4,070 74, 571 71, 833 67, 762 4,687 63, 076
75, S30 69, 305 64, 782 3,786 75, 830 73, 091 69, 305 4,523 64, 782
1965___ 77, 178 71, 088 66, 726 3,366 77, 178 74, 455 71, 088 4,361 66, 726
1966__. 78, 893 72, 895 68, 915 2,875 78, 893 75, 770 72, 895 3,979 68, 915
1967... 80, 793 74, 372 70, 527 2, 975 80, 793 77, 347 74, 372 3,844 70, 527
Unadjusted
Seasonally adjust ed
967:
Apr _ 79, 560 73, 445 69, 724 2,666 80, 268 76, 81A 73, 939 3,843 70, 096
May. 79, 551 73, 637 69, 812 2,457
79, 958 76, 502 73, 660 3, 728 69, 822
June.; 82, 464 75, 391 70, 996 3,628 80, 668 77, 214 74, 169 3, 739 70, 430
July_i 82, 920 76, 221 71, 705 3,250 80, 944 77, 496 74, 478 3,847 70, 631
Aug.- 82, 571 76, 170 71, 792 2,942 81, 057 77, 598 74, 664 3,956 70, 708
SeptJ 80, 982 74, 631 70, 700 2,895 81, £63 77, 807 74, 638 3,697 70, 941
Oct.. SI, 595 75, 181 71, 148 2,951 81, 535 78, 072 74, 735 3, 718 71, 017
Nov, 81, 582 75, 218 71, 460 2, 894 81, 459 77, 989 75, 006 3, 839 71, 166
Dec_ 81, 527 75, 338 71, 793 2,719 81, 942 78, 473 75, 577 4&16
71, 361
1968:
Jan__ 79,811 73, 273 69, 908 3,074 81, 386 77, 923 75, 167 4,003 71, 164
Feb_ 80, 869 74, 114 70, 653 3,288 82, 138 78, 672 75, 731 4,127 71, 604
Mar. 80, 938 74, 517 70, 980 2,929 82, 150 78, 658 75, 802 4,014 71, 788
Apr _ 81, 141 75, 143 71, 292 2,491 81, 849 78, 343 75, 636 3,980 71, 656
May_ SI, 770 75,931 71,935 2,303 82, 149 78, 613 75, 829 3,893 71, 936
Total
labor
force
(including
armed
forces)
^ o t a l labor force as percent of noninstitutional population.
NOTE.—Beginning 1000, data include Alaska and Hawaii.
10
Source: Department of Labor.
Unemployment |
rate (percent of
Unem- civilian labor
force)
ployment
Unad- Seasonjusted ally adjusted^
Labor
force
participation
rate,
unad- l
justed
Percent
4,070
3,786
3,366
2,875
2,975
5.7
5. 2
4.5
3.8
3.8
2,875
2,952
3,045
3,017
2,934
3,169
3,337
2,984
2,896
3.5
3.2
46
4. 1
3. 7
3. 7
3.8
3.7
3.5
3.7
3.9
3.9
3.9
3.8
4-1
4.S
3.8
3.7
59.9
59. 8
61. 9
62.2
61.8
60.5
60.9
60.8
60.7
2,756
2,941
2,856
2, 707
2,784
40
4.2
3.8
3.2
2.9
3.5
3.7
3.6
S.5
3.5
59.3
60.0
60.0
59.2
59.6
59.6
59.6
59,7
60. 1
60.6
SELECTED MEASURES OF UNEMPLOYMENT AND PART-TIME EMPLOYMENT
In M a y , the seasonally adjusted unemployment rafe was unchanged at 3.5 percent and equal to the post-Korean low
of January. Most measures of unemployment showed little change except for teenagers with an increase.
PERCENT
10 1
PERCENT
10
SEASONALLY ADJUSTED
LABOR FORCE TIME LOST THROUGH UNEMPLOYMENT
AND PART-TIME WORK
UNEMPLOYMENT RATE,
ALL CIVILLAN WORKERS
UNEMPLOYMENT RATE, EXPERIENCED
WAGE AND SALARY WORKERS
UNEMPLOYMENT RATE,
MARRIED MEN
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
Unemployment rate
(percent of civilian labor
force in group)
Period
Labor
force
time lost
through
Experi- Married unemenced
ployment Over 40
men
All
wage and (wife
and part- hours
workers salary
time
workers present) work 1
19G3
1964
1965
1966
1967
5. 7
5.2
4.5
3.8
3.8
1967: Apr
May
June
July
Aug
Sept
Oct
_
Nov
Dec___ _ _
1968: Jan
Feb
Mar
Apr
May_
3.7
3.9
3.9
3.9
3.8
4. 1
4. 3
3.8
3.7
3.5
3.7
3.6
3.5
3.5
Percent
5. 5
3.4
5.0
2.8
4.3
2.4
3. 5
1.9
3.6
1.8
Seasonally adjusted
3.4
1.9
3.6
1.9
3.7
1.9
3.7
1.8
3.6
1.9
1.8
a9
1.9
4,1
1.7
3.7
1.7
3.5
1.6
3.3
1.7
3.5
1.7
3.4
1.5
3.2
1.6
3.1
J
6. 4
5.8
5.0
4. 2
4.2
19,
20,
21,
20,
4.0
3.S
4.4
4.2
4.3
4.6
4.7
4.2
4. 1
4.0
4.2
4.0
3.7
3.6
20, 759
20, 677
20, 577
22,143
22, 485
22, 019
21, 411
21, 628
21, 954
19, 746
20, 557
20, 912
17, 651
21,170
1
Man-hours lost by the unemployed and those on part-time for economic
reasons as a percent of total man-hours potentially available to the civilian labor
force. Beginning 1963. series reflects whether unemployed persons soupht fullor part-time jobs.
•Differs from total nonagricultural employment (p. 13), which includes persons with jobs but not at work for such reasons as vacation, illness, bad weather,
and industrial disputes.
271
788
334
920
Persons at work in nonagricultural industries
by hours worked per week3
Under 35 hours
35-40
hours
Part-time for
economic reasons
Total
Part-time for
economic reasons
Usually
fulltime 8
Usually
fulltime *
Usually
parttime *
Thousands of persons 16 years of age and over
1,222
1,069
29,100 13, 101
1,151
986
30, 768 11, 818
1,031
897
32, 088 12, 034
793
871
32, 616 13, 290
853
1,060
Seasonally
Unadjusted
32, 858 13, 791
1,179
730
1,178
33, 273 13, 473
S85
568
903
33, 082 12, 323
1, 133
1,091
1,063
32, 608 12, 477
997
1,226
1,049
33, 390 12, 066
1,012
1,163
1,023
33, 145 12, 219
1,073
810
1,094
31, 641 15, 246
922
765
976
13, 952
33, 413
1.078
751
1, 108
33, 628 14, 026
911
774
944
32, 031 14, 753
805
720
729
32, 383 15, 081
942
799
915
33, 566 13, 976
866
804
851
28, 705 21, 414
828
665
827
5
5
34, 005 14, 182
790
679 1
806
Usually
parttime 4
adjusted
839
63S
869
884
893
873
890
S42
863
SOS
860
892
764
763
3
Includes persons who worked part-time because of slack work materiej
shortages or repairs, new job started, or job terminated.
• Primarily includes persons who could find only part-time work.
« Average hours worked: usually full-time, 24.4; usually part-time, 17.7.
Source: Department of Labor.
11
UNEMPLOYMENT INSURANCE PROGRAMS
In M a y , insured unemployment under State pro3rams avera 3 ed 178,000 lower than in M a y 1 9 6 7 . The seasonally
adjusted' insured unemployment rate remained at 2.3 percen^
MILLIONS OF PERSONS
MILLIONS.'OF PERSONS
WEEKLY INSURED UNEMPLOYMENT
(STATE PROGRAMS!
1966
1111111 I i I <I I i t I I I i I I I I i I I I 1 I I• 1 1 1 1
' ' -I I ' ' '
JAN.
FEB.
MAR,
APRIL
JUNE
MAY
JULY
AUG
SEPT.
State programs
All programs
1964
1965196G
1967
1967: Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
19G8: Jan
Feb
Mar
Apr
y : :
Week ended:
19G8: May 4
11
18
25
June 1 »
8 *_
Total
Insured
unem- benefits
paid
Covered ployment
employ(milment
(weekly
lions
averof dolage)
lars)
Insured
unemployment
Thousands
49, 637
1,753
51, 580
1,450
54, 739
1,129
1,270
»55, 591
1,423
55y 985
1,197
1,071
"57, 017
1,245
56, 934
1, 123
"57, 358
956
'57, 201
953
1,068
1,339
1,719
1,653
1,480
1,216
1,025
Weekly average, thousands
1,605
26
268
21
232
1,328
15
203
1,061
17
226
1, 205
20
244
1,360
19
188
1,142
19
186
1,019
17
288
1,184
17
187
1,060
15
158
894
15
180
889
15
208
997
16
278
1,259
19
316
1,624
19
227
1,556
18
183
1,390
20
183
1, 142
IS
156
964
1, 106
1,071
1,027
982
976
2, 749. 2
2t 360. 4
1, 890. 9
2, 220. 1
210. 5
193.1
165.4
155.3
184.0
132. 3
13a 0
146. 5
171.8
264.8
259.4
246.0
210,7
185. 0
1,040
1,006
966
922
916
N OTE.—For definitions and coverage, see the 1967 Supplement to Economic
Indicators. Data for Alaska and Hawaii Included for all periods and for Puerto
Rico since January 1901.
12
DEC
COUNCIL OF ECONOMIC ADVISERS
S O U t O i D£fAJtTMmr O f IABOC
Period
NOV.
OCT.
Initial
claims
181
164
156
148
140
149
Benefits paid
Insured unemployment as perTotal
Exhaus- cent of covered
Average
employment
(miltions
weekly
Season- lions of
check
Unad- ally ad- dollars)
(dollars)
justed
justed
Percent
3.8
3.0
2.3
2.5
2,9
2.4
2.1
2.4
2.2
1.8
1.8
2.0
2.6
3.3
3.2
2.8
2.3
2. 0
2,
2,
1,
2,
2. 7
2,7
2.6
2.8
2.6
2.4
2.4
2. 3
2.3
2.3
2.3
2.3
2.2
2.1
2.1
2. 0
1.9
1.9
Source: Department of Labor.
522. 1
166. 0
771. 3
101. 0
200. 6
183.6
156. 1
147. 3
172.8
122.6
122. 1
134 9
159.2
248.5
243.7
231. 1
195. 1
170.0
35.92
37.19
39.75
41.25
41.81
40,99
39.99
40. 10
41.08
40.10
40.70
41. 19
41.85
42.59
43,58
43. 64
43. 12
42.50
NONAGRICULTURAL EMPLOYMENT
Total nonagricultural payroll employment in M a y was 67.8 million, seasonally adjusted, about the same as in A p r i l .
Employment increases of about 40,000 each in services and State and local government and 20,000 in trade were
more than offset by strike-related declines in construction and telephone industries. Other industries showed little or
no change.
MILLIONS OF WAGE
MILLIONS OF WAGE
AND SALARY WORKERS (SEASONALLY ADJUSTED)
AND SALARY WORKERS (SEASONALLY ADJUSTED)
WHOLESALE AND RETAIL TRADE
A l l NONAGRICULTURAL ESTABLISHMENTS
12
1968
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE* DEPARTMENT OF LABOC
[Thousands of wage and salary workers;* seasonally adjusted]
Nonmanufacturing (private)
Manufacturing (private)
Period
Total
1961.
1962
1963
1964
1965
1966 2
1967 2
1967 2: Apr..
MayJuneJuly.
Aug.
Sept.
Oct..
Nov.
Dec__
1968 *: Jan..
Feb..
Mar.
Apr*.
May K
54, 042
55, 596
5Q7 702
58, 332
60, 832
64, 034
66, 030
65, 619
65, 677
65, 821
65, 920
66, 186
66, 123
66, 286
66, 778
67, 060
67, 058
67, 600
67, 656
67, 784
67, 7S8
NonTotal Durable durable Total
goods goods
16, 326
16, 853
16, 995
17, 274
18, 062
19,214
19, 434
19, 425
19, 346
19, 356
19, 288
19, 407
19, 285
19, 302
19, 518
19, 593
19, 612
19, 612
19, 607
19, 670
19, 665
9,070
9,480
9,616
9,816
10, 406
11, 284
11, 422
11,418
11, 389
11,309
11, 335
11,433
11, 272
11, 264
11, 463
11,498
11,541
11,514
11,495
11, 544
11, 538
7,256
7,373
7,380
7,458
7,656
7,930
8,012
8,007
7,957
7,987
7,953
7,974
8,013
8, 038
8, 055
8,095
8,071
8,098
8, 112
8,126
8,127
29,122
29, 853
30, 481
31, 461
32, 678
33, 949
34, 980
34, 728
34, 813
34, 847
34, 979
35,062
35, 140
35, 215
35, 448
35, 578
35, 468
35, 967
35, 996
36, 021
35, 989
Con- Trans- Whole- Finance, Service
insursale
tract portaand
ance,
tion
and
Mining conand misceland
struc- public retail
real
tion utilities trade estate laneous
672' 2,816 3,903 11, 337 2,731 7,664
650 2,902 3,906 11, 566 2,800 8,028
635 2,963 3,903 11,778 2,877 8,325
634 3,050 3,951 12, 160 2,957 8,709
632 3,186 4,036 12, 716 3,023 9,087
627 3,275 4,151 13, 245 3,100 9,551
616 3,203 4,271 13, 613 3,217 10, 060
623 3,204 4,216 13, 529 3,186 9,970
622 3,159 4,273 13, 564 3,199 9,996
621 3,131 4,276 13, 573 3,214 10, 032
626 3,168 4,296 13, 610 3,223 10, 056
610 3,165 4, 2S8 13, 648 3,241 10, 110
606 3,182 4,278 13,684 3,251 10, 139
603 3, 184 4,267 13, 729 3,261 10, 171
603 3,214 4,297 13,791 3,273 10, 270
603 3,275 4,302 13, 793 3,289 10, 316
604 3,107 4,317 13, SIS 3,291 10, 331
608 3,38S 4,342 13, 920 3,304 10, 405
609 3,330 4,332 13, 999 3,311 10, 415
632 3,307 4,331 14, 019 3,322 10, 410
634 3,249 4,285 14, 038 3,333 10,450
1
Includes all full- and part-time wage and salary workers in nonagricultural
establishments who worked during or received payforany part of the pay period
which includes the 12th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from
this table not comparable with estimates of nonagricultural employment of the
civilian labor force, shown on p. 10, which include proprietors, self-employed
persons, and domestic servants; which count persons as employed when they
ar© not at work because of industrial disputes; and which are based on an enu-
Government
Federal
2,279
2,340
2,358
2,348
2,378
2,564
2,719
2,688
2,701
2,747
2,743
2,740
2,718
2,718
2,692
2,709
2,721
2,721
2,718
2,717
2,717
State
and
local
6,315
6,550
6,868
7,249
7,714
8,307
8,897
8,778
8,817
8,871
8,910
8,977
8,980
9, 051
9, 120
9,180
9,257
9,300
9,335
9,376
9,417
meration of population, whereas the estimates in this table are based on reports
from employing establishments.
* Scries revised; see note p. 14.
NOTE.—Beginning 1959, data Include Alaska and Hawaii,
Source: Department of Labor.
13
WEEKLY H O U R S O F WORK-SELECTED INDUSTRIES
trade were down 0.4 hours and 0.3 hours, respectively.
HOURS PER WEEK (SEASONALLY ADJUSTED^
HOURS PER WEEK [SEASONALLY ADJUSTED)
46
46
DURABLE
NONDURABLE
MANUFACTURING
MANUFACTURING
44
44
42
42
40 —v
40
**
/V
38
38
36
'36
34
1965
'' ' '' ' '''' '
1966
1 t . t I ! 1 1 . , .K
34
I I M 1 I I I 1 )•'•'''''•'•.
1968
1967
v
1966
1967
1968
1966
1965
1967
N
1968
42
42
CONTRACT
RETAIL TRADE
CONSTRUCTION
40
40
38
38
36
36'
34
34
32
32
30
30^
V
1966
1965
1967
1968
1965
"
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT O f 1A6C*
| Average hours per week
1
seasonally adjusted]
Manufacturing industries
Period
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1967: Apr
May- _ .
June
July.
Aug
Sept
.„
Oct
Nov
Dec
1968: Jan.
Feb
Mar
Apr*
May »
_
__
Durable
goods
All
39. 2
40.3
39.7
39.8
40.4
40.5
40.7
41.2
41.3
40.6
40. 5
40. 5
40.4
40.5
40.6
40.9
40.7
40.7
40. 7
40.2
40.8
40.7
40.0
40,6
»Data relate to production workers or nonsupcrvisory employees. Data for
Alaska and Hawaii included heeiimtntr 1959.
»Includes eating and drinking; places.
14
Nondurable
goods
Retail trade2
38, 1
3&2
39.7
36.8
37.0
36.7
36.9
37.0
37.3
37.2
37.4
37.6
37.7
39.7
39. 5
39.6
39.6
39.7
40.0
39.7
39.9
39. 9
39.2
40.0
39. 8
39. 2
39.7
37.4
36. 8
37.4
37.4
37.4
38.0
37.2
39. 4
37.2
36.0
37.9
36. 8
37. 8
37.4
35.3
35. 2
35.4
35.4
35.4
35.3
35. 1
35. 2
35. 1
34,8
34.9
34. 7
34 9
34.6
39.5
40.7
40. 1
40.3
40. 9
41. 1
41.4
42.0
42. 1
41.2
38.8
39.7
39.2
39.3
39.6
39.6
39.7
40. 1
41.0
41. 0
41.0
41. 1
41.1
41.4
41.2
41. 2
41. 3
40.9
41.4
41.4
40. 5
41. 1
'
Contract construction
4a 2
3a o
37.6
37.4
37.3
37.0
36.6
35.9
35.3
NOTE.—Series revised to March 1967 benchmark beginning 1966. For details see
Employment and Earnings, June 1968.
Source: Department of Labor.
AVERAGE HOURLY AND WEEKLY EARNINGS -
SELECTED INDUSTRIES
Average weekly earnings in manufacturing were $120.99 in May for a gain of $3.08 over April and $7.18 over a
year earlier. Mosr of the gain over April was due to the longer workweek..
DOLLARS
DOLLARS
AVERAGE HOURLY EARNINGS
AVERAGE WEEKLY EARNINGS
3.25
130
3.0C|
120
2.75
110
ALL MANUFACTURING
v
INDUSTRIES
x-"
2.50
100
NONDURABLE GOODS
INDUSTRIES
/""*
r
2.25
NONDURABLE GOODS
INDUSTRIES
90
1965
1966
1968
1967
1966
1965
1967
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCEt DEPARTMENT OF tABO*
|For production workers or nonsupervisory employees!
Average hourly earnings—current prices
Period
Average weekly earnings—current prices
Manufacturing industries Contract
Retail
conNonDurable durable structrade 1
All
goods
tion
goods
Manufacturing industries Contract
Retaill
conNonDurable durable structrade
All
tion
goods
goods
1958
1959
1960
1961 .
1962
1963
1964
1965
1966*
1967 4*
1967 : Apr .
May .
June _
Julv __
Aug „
Sept ..
Oct.
Xov_ _
Dec.
1968*:Jan __
Feb..
Mar..
p
Apr __
May*'.
2. 11
2. 19
2.26
2. 32
2.39
2.46
2.53
2. 61
2.72
2.83
2. SO
2.81
2. 82
2.82
2. 82
2.85
2. 85
2.88
2.91
2.94
2. 94
2.96
2.97
2.98
2.26
2. 36
2.43
2. 49
2.56
2.63
2.71
2. 79
2.90
3. 00
2.97
2.99
2.99
3. 00
3.00
3. 03
3. 03
3.05
3.09
3. 13
3. 12
3. 14
3. 14
3. 16
1.91
1. 98
2.05
2. 11
2. 17
2.22
2.29
2. 36
2.45
2. 57
2.55
2.55
2.56
2.57
2.57
2.61
2.61
2.62
2. 64
2.67
2.68
2.69
2.70
2.72
2.82
2. 93
3. 08
3. 20
3. 31
3.41
3. 55
a 70
3.89
4. 11
4.00
4. 04
4. 03
4. 10
4. 11
4. 20
4. 22
4. 22
4. 25
4.34
4.27
4.28
4.27
4.32
1. 42
1. 47
1. 52
1. 56
1. 63
1. 68
L 75
1. 82
1.91
2. 01
1.99
2. 00
2. 01
2. 01
2.00
2.03
2. 04
2. 05
2. 04
2. 09
2.11
2. 12
2. 13
2. 14
82.71
88.26
89.72
92. 34
96. 56
99. 63
102. 97
107. 53
112. 34
114.90
112. 56
113.81
114.49
113.65
114.49
116.85
116. 2S
117.50
119,60
117. 60
119.36
120. 18
117.91
120. 99
1
Includes eating and drinking places.
* Earnings in current prices, adjusted to exclude overtime and interindustry shifts.
3
Earnings in current prices divided by the consumer price index.
03-226*—CS-
89.27
96.05
97.44
100. 35
104. 70
108.09
112. 19
117. IS
122. 09
123. 60
121. 18
122. SO
122. 89
122. 40
123. 30
125. 75
125. 44
125. 66
129. 16
127. 70
128. 54
129. 68
126. 54
130. 19
74.11
78. 61
80.36
82. 92
85. 93
87.91
90. 91
94. 64
98.49
102. 03
100. 22
100. 73
101. 63
102. 03
102. 80
10-1.92
104. 14
105. 06
105. 86
103. 80
106. 40
106. 79
104. 76
107.98
103. 78
108. 41
113. 04
118. 08
122. 47
127. 19
132. 06
138. 38
146. 26
154. 95
147. 60
150. 29
153.95
158. 67
159. 06
162.96
160. 78
161. 63
155. 13
151. 90
154. 57
154. 94
159. 27
163. 30
54. 10
56. 15
57.76
5a 66
60.96
62.66
64.75
66.61
68. 57
70.95
69. 45
69.80
71. 56
72.96
72.60
71. G6
71.20
71.34
72. 22
72. 11
72.80
72.93
73.70
73.40
Manufacturing
industries
Adjusted Average
weekly
earnings, earnings,
1957-59= 1957-59
100 2
prices l
100.2
82. 14
103, 5
86. 96
106.0
87.02
109. 6
88.62
112. 3
91.61
115. 2
93. 37
nao 95. 25
121. 1
97.84
125. 1
99.33
130.9
98. SO
129. 9
97,62
130.2
9S. 45
130. 5
98.70
130. S
97. 55
131. 1 I 97. 94
131. 9
99. 79
132. 4
98.96
133.4
99. 75
134. 3 101. IS
135.7
99. 16
1 136. 5 100. 30
! 137. 0 100. 57
137. 9
98. 34
* See note; p. 14.
NOTE.—Data lor Alaska and Hawaii included beginning 1959.
Source: Department of Labor.
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
. , lA1
f. M
T, M
The seasonally adjusted index of industrial production registered a substantial sain of 0.7 percent in M a y . I he M a y
index was 0.4 percent above the previous record set in March of this year- ^ — , M , M M , „„, M •••m •••••!• m w ,
Index, 1957-59=100 (SEASONALLY ADJUSTED}
Index, 1957-59=100 ISEASONAILY ADJUSTED)
200
200
UTILITIES AND MINING
180
\
UTILITIES
160
140
140
MINING
120
120
V"
100
100
1965
1968
1965
1966
1967
1968
1967
1968
180
'200
MARKET GROUPS
MANUFACTURING
160
ISO
_ MATERIALS.
DURABLE
140
U0
^—!r—^
140 r '
120
NONDURABLE
1
1968
120
1965
1966
1967
100
1966
1965
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[1957-59=100, seasonally adjusted]
Period
1958
_.
1959
1900
1961
1902
1963
1964
1965
1966
1967 »
1967: Apr__
May.
June.
July..
A
Sept_
Oct..
Nov,
Dec196S: J a n . .
FebMar,
Apr__
May
Total
industrial
production
93. 7
105, 6
108. 7
109. 7
118. 3
124. 3
132.3
143.4
156.3
158.0
156. 5
155. 6
155. 6
156. 6
158. 1
156. 8
156. 9
159,5
162.0
161.2
162. 0
163. 0
162. 5
163.7
Total
93. 2
106.0
108.9
109.6
US, 7
124. 9
133.1
145.0
158. 6
159. 6
158.2
157.2
157.0
157.6
159.4
isa i
158. 3
161.1
164. 0
162. 7
163. 6
164.4
163.7
165. 0
Source: Board of Governors of the Federal Reserve System,
16
Market
Industry
Final products
j\l anufacturing
NonDurable durable
Mining
96.8
106. 5
109.5
112. 9
119. 8
125, 3
132.6
140.8
150. 8
154.4
152. 8
151.1
151. 4
151.5
154. 0
154. 2
155. 2
157.2
158.9
157. 1
158. 6
159.7
159. 1
160.4
95. 6
99. 7
101. 6
102. 6
105. 0
107. 0
111.5
114.8
120. 5
123.5
122.0
120.2
123. 8
128.0
127.8
124. 3
122. 4
123.6
122.3
121.6
123.9
126.9
128.2
127. 9
90. 3
105. 6
108. 5
107.0
117. 9
124. 5
133.5
148.4
164. 8
163. S
162. 5
162. 2
161.5
162.5
163. 6
161. 1
160. 7
164. 1
168. 1
167.2
167, 6
168. 2
167.3
168, 9
Utilities
Total
9S. 1
108. 0
115,6
122. 3
131. 4
140.0
151.3
160.9
173.9
184.4
183.0
183. 1
1S3.7
184. 6
185. 4
185.6
18S. 7
191.5
192. 6
195.9
197.5
196.8
198. 0
198. 0
94. 8
105.7
109. S
111. 2
119. 7
124. 9
131.8
142.5
155. 5
158.3
157. 3
156. 3
150.8
157. 1
158. 2
157. 0
156. 9
160.0
161.9
160. S
162. 0
163.4
161.4
162.6
Consumer
croods
96. 4
106. 6
111. 0
112. 6
119. 7
125. 2
131. 7
140.3
147. 5
148.4
147.1
146.0
146. 9
147. 1
148. 6
147. 0
147. 9
150.1
152.8
151. 3
152.9
154. 8
152.9
154. 8
Equipment
91. 3
104. 1
107. 6
105. 3
119. 6
124. 2
132.0
147.0
172.6
179.0
179.2
178.5
178.1
178.4
178. 9
178. 6
176. 1
181. 1
181. 5
181. 4
181. 6
181. 8
179.5
179. 3
Materials
92.7
105.4
107.6
108.4
117.0
123.7
132.8
144.2
157. 0
157. 7
156. 0
154. 6
154. 9
156. 1
157. 9
156.7
157. 4
159. 5
162.2
161. 7
161.8
162. 8
163. 5
164. 7
PRODUCTION OF SELECTED MANUFACTURES
In M a y , production of most durable and nondurable manufactures (seasonally adjusted) increased. The largest gains
were 5 percent in motor vehicles and parts and 3 percent in iron and steel.
Index, 1957-59=100 ISEASONAILY ADJUSTED)
Index, 1957-59=100 {SEASONALLY ADJUSTED]
200
MACHINERY
180
***—
^ <H
160
TRANSPORTATION
EQUIPMENT
140
100
120
1965
200
1965
1968
1967
1968
TFYT1LK APPARFI
160
CHEMICALS, PETROLEUM,
AND RUBBER
^ —
1966
ANDJLEATHER
140
ISO
>
.
PAPER AND
PRINTING
160
^
120
; ^ND TOBACCO
* - 100
140
,
.
1966
1965
1968
1967
. .
.
1 1 f f . ! f
COUHCtf. OF ECONOMIC ADVISERS
SOUftCEt BOARD OF GOVERNORS OF THE FEDEWl RESERVE SYSTEM
[1957-59=100, seasonally adjusted]
Durable manufactures
Period
1958
1959
1960
1961 _
1962__
1963
1964
_
1965 .„
1966
_
Primary
metals
_
„
„
1967 p ^
1967: Apr
May
June
July
. J—
oeot >
Auc
Oct
Nov
Dec „
1968: Jan
Feb
Mar ~ _
Apr
May »
.
.
._
^
87. 5
100.4
101. 3
98. 9
104.6
113. 3
129.1
137.6
142.7
132.5
129.1
128. 9
129. 0
129.6
~_
129.3
129.2
_-.
131.7
135.0
_- _ 140.9
136.3
139. 3
140.2
144.5
14S
Nondurable manufactures
Transpor- Lumber Textiles, Paper Chemicals, Foods,
Fabribeverpetroand
apparel,
and
cated Machin- tation
print- eum, and ages, and
and
prodequipery
metal
rubber tobacco
ing
leather
ment
ucts
products
92.9
105. 5
107.6
106.5
117. 1
123. 4
132.7
147.8
163.0
162.0
161.0
160.8
160.8
159. 8
159.1
158.1
158.2
159. S
162.4
163. 9
165.7
166.8
162.2
Source: Board of Governors of the Federal Reserve System.
1963
1967
1966
' 1965
164
88.8
107. 1
110.8
110.4
123. 5
129. 2
141.4
160.5
183,8
183.4
182.1
180.5
177.5
180.0
182.8
182.2
179.6
183.2
182.2
183.4
183.2
183. 3
179.6
ISO
89.5
104.0
108.2
103. 6
118.3
127. 0
130.7
149.2
166.9
166.0
165. 7
167.5
169. 3
170.8
171.9
159.2
159. 2
165.6
177.5
175.6
175. 1
177.6
175. 1
178
95.6
108. 5
102. 1
10L3
106. 1
10S. 9
112.6
117.4
119.4
116.5
119.1
115.6
114.9
115.5
109.2
114.3
117.0
120. 6
125.7
118.1
119.3
125.8
124.8
95.0
108. 1
107. 5
108. 4
115. 1
118. 5
125.2
135.8
141.6
139.6
135.5
135. 3
134.8
135. 3
137.6
139.1
140.4
143.0
145.9
141. 0
141. 9
143.7
143.6
145
97.0
105. 2
109. 0
112.4
116. 7
120. 1
127.5
135.3
146.4
149.6
149.9
149. 1
149. 4
148.6
150.3
148.5
148. G
149. 9
149. 5
148. G
150. 6
151.3
151.3
152
99.4
95. 5
108.9
103. 9
113. 9
106. 6
118.9
110. 2
131. 2
113. 3
141. 8
116. 8
152. 5
120.8
164.6
123.4
181.9
128. 1
189.5
131.5
186.4
131.8
182. 2
130. 9
183. 0 ! 131. 3
184. 0
130. 9
189. 5
131.0
191.2
130.4
192. S ! 131.1
105. S
132. 2
199. 0 i 133. 1
107. 7
132. 0
200. 2
133. 1
201.7
133.4
199. S
133. 4
203
133
17
WEEKLY INDICATORS OF PRODUCTION
Steel production declined slightly on a seasonally unadjusted basis in M a y . Most other weekly indicators of production posted gains for the month.
MILLIONS OF SHORT TONS (DAILY AVERAGE]
MILLIONS OF TONS
STEEL
3.5
2.5
, , , 1 , , , f i ,, , I , , , | , , , | , , , , 1 , , , 1 , , , , 1 , , , I , . • ! . :
' J
F
M
A
M J
BILLIONS O F K I L O W A T T H O U R S
28
M )
20
O
..N
S
SOURCES. AME«iCAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS
J
Period
Weekly average:
1961- 1962
1963.
1964
19651966.
1967
1967; Apr_
May
June
_ __
July.
Aug
•„
Sept-.
Oct
Nov..
Dec
1968: Jan_
Feb
MarApr.
Mav p
Week end
1968: Mav 18
25_
June 1
S »
15 *
N
D
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight Paperboard
Electric
Cars and trucks
Steel produced
coal mined
power
produced assembled (thousands)
loaded
Index
distributed (thousands (thousands (thousands
Thousands
of short
(1957-59-= (millions of
of net
of tons)
Total
Trucks
of cars)
Cars
kilowatt-hours) tons) 1
tons
100)
1,880
1, 886
2,096
2, 431
2,521
2,572
2,440
2,412
2,388
2,232
2,176
2,325
2,439
2,522
2, 634
2,704
2, 712
2, 849
2, 872
2, 902
2,867
100. 9
101. 2
112. 5
130.5
135.3
138. 1
131. 0
129.5
128. 2
119. 8
116. 8
124.8
130. 9
135. 4
141. 4
145. 2
145. 6
152. U
154. 1
155, 8
153.9
15, 139
16, 325
17, 490
18, 728
20, 169
21, 971
23, 169
21, 953
21, 841
'
23, 938
23, 747
• 24, 400
22, 871
22, 662
23, 533
24, 405
25, 365
25, 338
24, 081
23, 344
• 23, 560
1,353
1,414
1, 535
1,630
1,735
1,798
1, 863
1,844
1, 904
1, 939
2,015
1,885
1,819
1,873
1, 923
1, 727
1, 738
1, 75')
1, 827
1, 910
1, S9S
550
552
555
558
562
570
539
557
559
555
492
558
551
586
552
406
487
514
535
54S
571
322
343
358
384
410
446
439
454
452
4.54
376
44S
413
463
458
421
421
4S6
480
4S0
4SS
127.8
157. 5
175. 0
178.8
213.7
199. 3
172.9
19K. 4
19S. S
207. 4
119. 0
86. 5
160. 4
171. 2
190. 1
219. S
207. 3
211.0
229. 5
215. 4
244.0
106. 1
133. 4
146.9
148. 8
179.4
165.4
142. 4
104. 4
164. 5
172. S
95. 4
o4. 4
135. 3
146. 7
158. 6
185. 0
172. 9
174.5
180. 2
177. 7
200.4
21.7
24.1
28.1
30, 0
34.3
33.9
30, 5
34.0
34 2
34. 6
23. 7
22. 1
25. 0
24. 6
31. 4
34. 7
' 34 4
36.5
40. 2
37. 6
43. 6
2, 844
2, S60
2, S57
2,708
2
2, 776
152.7
153.5
153. 4
150.2
140.0
23,
23,
23,
25,
1,853
1, S53
1,881
2
1 , 927
5S1
5S9
528
585
477
493
485
482
25S. 5
254. 0
200. S
238,7
2
248. 5
212. 5
208. 0
163. 0
197,5
203.3
46. 0
46. 0
37. 8
41.2
45. 2
1
Dally averace. Includes data for Alaska.
*Not chaned.
18
O
961
827
335
155
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, American Paper Institute, and Ward'? Automotive Reports.
NEW CONSTRUCTION
According to preliminary estimates, total spending fornew construction (seasonally adjusted) decreased 0.7 percenf
in April. While residential building continued to rise by 1 Vfe percent per months all other major categories fell.
Construction contracts dipped substantially in April.
-
BILLIONS OF DOLLARS
90
BILLIONS OF DOLLARS
90
SEASONALLY ADJUSTED ANNUAL RATES
80
30
TOTAL NEW CONSTRUCTION
*
70
70
r
/
60
1
60
PRIVATE
.
*
50
50
-*••%,
40
,> /
^
-—••
40
30
PUBLIC
20
20
\
1 1 1 1 [ 1 1 | 1 I
i , > r , 1 t i I , .
t t 1 I 1 1 i I 1 1 1 i i i 1 1 1 ! 1 . . 1
i i t i 1 | i i i i
PRIVATE RESIDENTIAL (NONFARM)
30
-„„„.„.
••« ......,,,....1
«•••*
^
1962
30
—
\
ALL OIHhR PKIVAIt '
i t i ? i 1 i i i i i_ , . . , i 1 . . . , .
i i i t i 1 i i i i t
1964
1965
1966
20
1963
20
i i | i i 1 i i i i i
1967
Total new
construction
expenditures
Period
1962
19G3
1964
1965
1966
1967
.
.
59.
63.
66
71.
74.4
74.9
1 1 1 1 1 1 1 1 ! 1 l|
7
4
2
9
Total
41.8
44.
45.
49.
50.
49.
1
8
S
4
6
Private
Residential nonfarm
CommerNew
cial and
Total i
housing industrial
units
Billions of dollars
8.0
24. 3
18.6
7.9
26. 2
20. 4
9.0
26. 3
20. 4
11. 9
20. 4
26. 3
13.6
23. 8
18. 0
23.6
17.9
13.1
Other
9.5
Federal,
State,
and
local
Construction contracts2
CommerTotal value cial and
industrial
(index,
1957-59 = floor space
millions of
100)
quarefeet)
17.9
19.4
20. 4
22. 1
23.0
25.4
1968:
Feb
Mar v
Apr
1
73.
72.
73.9
72.4
73.4
74.4
76.9
77.5
7S.
78.
SO.
81.
81.
SO.
1
0
46.9
46.0
47.8
48. 1
49. 2
0.2
4
4
5
4
3
7
51.7
52.2
52. 6
52.4
54.5
oo* 1
54. 9
54.3
20.8
21. 1
22. 1
22. 9
23.7
24. 6
25.3
26.0
26.6
26.9
26.9
27. 0
27. 4
27.8
15.0
15.5
10. 5
17.3
IS. 0
IS. 9
19.6
20.3
21.0
21.2
21.0
21.0
21. 5
22.0
Includes nonhousekeeping residential construction and additions and i ilteratlons, not shown separately.
'Compiled by F. W. Dodge Company and relates to 48 States.
13,3
12.5
13.1
12.6
12.9
12.4
13.3
13.2
12. 8
12.6
14.1
14.3
13.8
13.3
12.8
12.4
12.6
12.6
12.6
13.1
13.1
13.0
13.2
12.9
13.5
13.7
13.7
13.1
26. 2
25.9
26.1
24.3 !
24.2 I
24 2
25.2
25.3
25. S
26.0
20.0
26.3
26. 5 1
26.4
119.7
132. 0
137.0
142.8
145.3
153.3
500
534
599
6S0
769
694
Seasonally
adjusted
10.0
10. 6
11.7
13. 0
12.9
Seasonallif adjusted annual rates
Mar
Apr
May.™ June
_July
Aug_
Sept
Oct . _.
Nov_
Dec
Jan
„
N
1968
COUNCIL Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE
1967:
n
Seasonally
adjusted
annual
rates
149
138
154
074
699
164
149
748
6S1
740
165
168
171
168
166
159
156
176
146
t)57
725
701
758
769
774
737
799
565
NOTE.—Data for Alaska and Hawaii included beginning 1959.
Sources: Department of Commerce and F. W. Dodge Company.
19
NEW HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts increased more than 8 percent in April to a seasonally adjured annual rate of 1.6
million units. The over-the-year gain was 45 percent. However, permits for future starts dropped about 6 percent.
MILLIONS OF UNITS
2.5
MILLIONS OF UNITS
25
PRIVATE NONFARM
HOUSING STARTS
1.0
1962
1968
SOURCES: DEPARTMENT Of COMMERCE, FEDERAL HOUSING ADMINISTRATION (FHA). AND VETERANS ADMINISTRATION (VA)
Period
1962.
1963.
1964.
1965.
1966
1967,
1967: Apr__
May_
June.
July_.
Aug..
Sept.,
Oct..
Nov..
Dec,
1968: Jan. ,
Feb*_
Mar*
Apr*.
May*
Total
private
and
public
(including
farm)
lf 492. 4
1, 642, 0
1.5G1.6
1, 509. 6
1, 196. 2
1, 321. 9
115.9
134.2
131.6
126. 1
130. 2
125, 8
137. 0
120. 2
S3. 1
82. 7
87.2
127.8
167.9
Total
private
(including
farm)
1, 462. 7
1,610,3
1, 529. 3
1, 472. 9
1, 165. 0
1, 291. 6
113.7
132.0
125.4
125.3
127.4
121.9
135. 4
118.4
80.1
SO. 5
84.6
125.7
164.4
[Thousands of unite]
Housing starts
Private nonfarm
Private nonfarm
Total
private
Two or (includGovernment
Onemore
ing
Total
Total home programs
family famifarm)
lies
FHA
VA
967.8 471. 2
1, 439. 0
462.7 1, 439. 0 197.3
77.8
993,2 589.7
1,582.9
610.3 1,582.9 166.2
71.0
944.5 557.8
1,502.3
529.3 1,502.3 154.0
59.2
941.4 509.2
1, 450. 6
472.9 1, 450. 6 159.9
49.4
755.3 386.2
1, 141.5
165.0 1, 141.5 129. 1
36.8
820.7 447.7
1, 268. 4
291.6 1, 268. 4 141.9
52.5
Seasonally adjusted
112.0
78.1
33,9
1, 116 1,099
125
50
129.7
85.0
44. 7
1, 274 1,254
143
49
123.4
85.6
37.8
1,233
144
51
1,214
124 0
81. 1
42.9
1,369
140
53
1,356
123. 6
80.0
43.6
1,407
141
57
1,381
75.8
119. 5
43.7
1,445
150
56
1,415
79.4
133. 1
53.7
1,496
155
58
1,478
67.4
116.8
49.4
1,590
154
54
1,567
46.1
79.1
33.0
1,250
149
55
1, 235
44.5
79.8
35.3
1,456
157
52
1,430
53.5
82, 8
29.3
1, 537 1,499
164
63
76. 1
46.9
1,500
123.0
149
63
1,468
97.4
64.0
1,620
161. 4
147
59
1,590
133
57
^Authorized by issuance of local building permit; in 10,000 permit-issuing
places prior to 1963, and 12,000 or more thereafter.
* Units represented by roortgapo applications for new home construction.
20
COUNCIL OF ECONOMIC ADVISERS
Proposed home
construction
Applications for Requests
for VA
FHA
commit- appraisals 2
ments 2
171.2
1, 186. 6 221. 1
190.2
1, 334. 7
139.3
182.1
1, 285. 8
113.6
1, 239. 8
188.9
102.1
971. 9
153.0
99. 2
1, 078, 7
167.2
124.3
annual rates
122
1, 028
159
109
1, 033
162
135
169
1, 109
146
155
1,093
122
1, 127
180
131
1, 159
176
151
185
1,212
136
189
1, 15S
125
1,323
162
122
1, 102
163
141
152
1,360
127
160
1,376
126
1,297
144
110
161
New
private
housing
units
authorized !
NOTE.—Data include Alaska and Hawaii.
Sources: Department of Commerce, Federal Housing Administration (F11A),
and Veterans Administration {VA).
BUSINESS SALES AND INVENTORIES -
TOTAL AND TRADE
Preliminary estimates indicate that retail sales (seasonally adjusted) rebounded strongly in M a y , rising by 1 percent
following the April decline. Total business inventories rose by $ 1 Ys billion in April with $ % billion of the rise occurring at retail. Total sales were down about 1 percent.
-
BILLIONS OF DOLLARS (SEASONALLY ADJUSTED)
160
BILLIONS OF DOLLARS [SEASONALLY ADJUSTED)
20
RETAIL TRADE (ENLARGED SCALE)
BUSINESS SALES A N D INVENTORIES
DURABLE GOODS STORES
140
INVENTORIES
16
120
INVENTORIES
14
12
100
SALES
10
80
60
SALES
8
6
1iii.iliii.iliiii-fii.il
22
- WHOLESALE TRADE (ENLARGED SCALE)
^NONDURABLE GOODS STORES
20
IS
16
SALES •
14
12
1965
1966
1968
J967
1965
"• COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF COMMERCE
Total business
l
Wholesale
4
Retail
5
Inventories 3
Sales *
Period
Sales 2
1968
1967
1966
Inventories 3
Inventories 3
Sales 2
Total
NonDurable durable
goods
goods
stores
stores
Total
Durable
goods
stores
Nondurable
goods
stores
Millions of dollars, seasonally adjusted
1060
1961
1962
1963
1964
1965
1966
1967
1907: M a r .
Apr__
MayJuneJuly.
g
SeptOct „
Nov.
Dec—
196$: Jan
Feb..
Mar .
Apr »
Mav
60, 746
61, 106
65, 594
68, 692
73, 459
79, 528
6
86,254
7
87, 969
87, 242
SO, 643
87, 2S6
88, 244
SS, 454
88, 768
88, 323
87, 196
89, 612
92, 057
92, 544
92, 595
94, 327
93, 603
l
The term "business" also includes
5
Monthly average for year and total
3
94, 747
95; S13
100, 627
105, 578
111, 051
120, 896
6
135, 233
140, 742
136, S15
137, 0S0
137, 191
136, 805
137, 111
137, 850
137, 794
138, 268
139, 331
140, 742
141, 342
141, 624
141, 840
143, 167
11,
11,
12,
13,
14,
15,
16,
17,
16,
16,
16,
17,
17,
17,
17,
17,
17,
17,
17,
17,
18,
IS,
656
988
674
3S2
527
595
979
099
853
972
769
117
145
198
330
195
419
041
694
953
021
094
manufacturing (see pa?e 22).
for montn.
Boofc value, end of Derlod. seasonally adjusted.
* Beginning 1061, data include Alaska and Hawaii.
14, 120
14, 488
14, 936
16, 048
16, 977
18, 274
20, 691
21, 635
20, 859
20, 7S5
20, 5S7
20, 599
20,511
20, 789
20, 810
20, 945
21, 061
21, 635
21, 641
21, 623
21, 018
21, 699
IS, 294
IS, 234
19, 613
20, 530
21,802
23, 654
25, 306
26, 125
25, 739
25, 9 IS
25, 897
26, 544
26, 444
26, 422
26, 732
26, 089
26,411
26, 470
27, 065
27, 399
28, 120
27, 565
27, 876
5, SSO
5,581
6,210
6,627
7,014
7,810
8, 151
8,306
8, 150
S, 104
8, 187
S, 546
8,592
8, 508
8,743
8,235
8, 221
S, 327
S, 523
S, 765
9, 053
8,822
8, 966
12, 414 26, 813
12, 654 26, 238
13, 402 27, 938
13, 909 29, 383
14, 788 31, 130
15, 844 34, 607
17, 155 36, 961
17, 820 36, 682
17, 5S9 36, 526
17, 814 36, 236
17,710 36, 263
17, 998 36, 087
17, 852 35, 997
17, 914 36, 028
17, 9S9 i 36, 143
17, 854 ' 36,217
IS, 190 36, 474
18, 143 36, 6S2
18, 542 37, 130
18, 634 37, 0S2
19, 067 37, 003
IS, 743 37, 512
18,910
'6 Beginning 19G0, data include Alaska and Hawaii.
Series revised beginning 1966.
7
Series revised beginning 1967.
Source: Department of Commerce.
11,923
10, 965
11,056
12, 386
13, 136
15, 194
16, 536
15, 977
16, 142
16, 033
15, 904
15, 661
15, 549
15, 503
15,711
15,681
15, 728
15, 977
16, 23S
16, 26S
16, 253
16, 681
14, 890
15, 273
16, 282
16, 997
17, 994
19, 413
20, 425
20, 705
20, 384
20, 203
20, 359
20, 426
20,448
20, 525
20, 432
20, 536
20, 746
20, 705
20,892
20, S14
20, 750
20, S2S
21
MANUFACTURERS' SHIPMENTS, INVENTORIES, AND NEW ORDERS
Following an upward revised increase of 5% percent in March, manufacturers1 new orders for durable goods fell by 3y2
percent (seasonally adjusted) in April, New orders for nondurables increased 1V2 percent. The manufacturing inventory-shipments ratio edged up from 1.73 to 1.75 in April as inventories rose by $740 million while shipments dipped
by $240 million.
_
^
»
_
_
^
^
«
_
_
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS ISEASONAUY ADJUSTED)
90
(SEASONALLY ADJUSTED)
MANUFACTURERS' INVENTORIES
MANUFACTURERS' SHIPMENTS
80
TOTAL,
\
70
60
DURABLE GOODS
50
40
MANUFACTURERS' NEW ORDERS
30
NONDURABLE GOODS
30
20
20
1965
1965
1968
1966
1967
SOURCE. DEPARTMENT OF COMMERCE
COUNCIL OF ECONOMIC ADVISERS
]
Manufacturers inventories
NonDurable durable
goods
goods
NonDurable durable
goods
goods
Manufacturers' shipments
Period
Total
1960_
1961
1962
1964
1965
_
1966
1967
1967: Feb
Mar
Apr
May,
June
JulyAug
Sp
Oct
Nov
Dec_.
196S: Jan
Apr p
30, 796
30, 884
33, 308
34, 774
37,129
40, 279
4
43, 969
5
44, 745
43, 766
44, 650
43, 75.3
44, 620
44, 583
44, 865
45, 148
44, 261
43,912
45, 782
47, 946
47, 785
47, 243
48, 186
47, 944
15, 817
15, 532
17, 184
18, 071
19,231
21, 020
23, 006
23, 123
22, 622
23, 137
22, 269
22, 900
23, 052
23, 192
23, 633
22, 949
22,311
23, 487
25, 290
25, 227
24, 646
25, 260
24, 716
14, 979
15, 352
16, 124
16, 704
17, 898
19, 258
4
20, 963
5
21, 622
21, 144
21, 513
21, 484
21, 720
21, 531
21, 673
21, 515
21, 312
21, 601
22, 295
22, 656
22, 558
22, 597
22, 926
23, 22S
1
Total
shipments; for monthly data, ratio of inventories at end of month to shipments
for month.
2
Manufacturers' new orders 1
Durable goods
Total
Total
Millions of dollars, seasonally adjusted
53, 814 32, 360 21, 454 30, 115 15, 223
55, 087 32, 646 22, 441 31, 061 15, 664
57, 753 34, 326 23, 427 33, 167 17, 085
60, 147 36, 028 24, 119 35, 036 18, 300
62,944 38, 412 24, 532 37,697 19, 803
68, 015 42, 324 4 25,691 4 41,023 21, 728
1
77, 581 50, 037 27, 544 45, 106 24, 153
82, 425 53, 930 28, 495 ' 44, 999 23, 378
79, 105 51, 079 28, 026 43, 385 22, 329
79, 430 51, 216 28, 214 43, 503 22, 065
80, 059 51, 593 28, 466 43, 676 22, 226
80, 341 51, 784 28, 557 45, 474 23, 857
80, 119 51, 809 28, 310 45, 757 24, 263
80, 603 52, 346 28, 257 45, 481 23, 715
81, 033 52, 784 28, 249 45, 322 23, 726
80, 841 52, 572 28, 269 44, 818 23, 416
81, 106 52, 918 28, 188 44, 975 23, 381
81, 796 53, 506 28, 290 45, 882 23, 545
82, 425 53, 930 28, 495 49, 264 26, 492
82, 571 53, 742 28, 829 47, 280 24, 771
82, 919 54, 136 28, 783 47, 432 24, 829
83, 219 54, 274 28, 945 49, 163 26, 278
83, 956 54, 737 29, 219 48, 528 25, 320
1 M o n t h l y average for year and total for m o n t h ,
2
Book value, end of period, seasonally adjusted.
o alue, end of period, seasonally adjusted.
*For annual periods ratio f i h t d
*For annual periods, rati of wr-ijrhted average i
inventories to average monthly
22
1968
4
NonMachinery durable
and
goods
equipment
2,791
2,854
3,090
3,326
3,706
4, 140
4,731
4,641
4,242
4,315
4,443
4,607
4,794
4,853
5,058
4,665
4,614
4,791
4,827
4,866
4, 494
4,622
4,746
14, 892
15, 397
16, 082
16, 736
17, 895
10, 295
4
20, 953
5
21, 621
21, 056
21, 438
21, 450
21,617
21, 494
21, 766
21, 596
21, 402
21, 594
22, 337
22, 772
22, 509
22, 603
22, 885
23, 208
Series revised beginning 1966.
* Series revised beginning 1967.
NOTE.—Data for Alaska and Hawaii included beginning 1958,
Source: Department of Commerce.
Manufacturers'
inventoryshipments
ratio 3
1.76
1.74
1.70
1.69
1.64
1.61
1.64
1.79
1.81
1.78
1.83
1.80
1.80
1.80
1.79
1.83
1.85
1.79
1.72
1.73
1.76
1.73
1.75
MERCHANDISE EXPORTS AND IMPORTS
The U.S. merchandise trade balance rebounded sharply in April by registering a surplus of $248 million (seasonally
adjusted) or $406 million over March's $1 58 million deficit.
BILLIONS OF DOLLARS
3.5
BILLIONS OF DOLLARS
35
3.0
1968
E MOTE 1 BELOW.
SOURCE, DEPARTMENT OF COMMERCE
Period
[Millions of dollars]
Merchandise exports
Merchandise imports
J
Total ( includDomestic5 exports
General imports 3
5
ing reexports) *
Total
Food, Crude
Food, Crude Manubever- matefacSeason- Unad- Total l s bever- mateSeason- Unad- ages,
rials
ages,
rials
tured
ally ad- justed
and
and to- and
goods ally ad- justed and to- fuels
justed
justed
bacco
bacco
fuel
Monthly average:
1959
1960
1961
1962
1963
1964
1965
1966
1967
1
1967: Mar.
Apr__
May.
June.
JulyAugSept.
Oct..
Nov_
Dec1968: Jan..
Feb__
MarApr—
COUNCIL O f ECONOMIC ADVBEXS
1 368
1, 636
1, 682
1,748
1 869
2, 141
2, 225
2, 448
2,578
2,551
2,654
2,547
2,576
2,584
2,548
2,643
2,392
2,692
2,604
2,785
2,773
2,455
2,888
2,797
2,666
2,683
2,618
2,376
2,395
2,505
2,440
2,761
2,813
2,674
2,667
2,639
2,944
239
1, 353
1, 620
264
1, 662
289
312
1,725
1, 845
349
2, 111
387
2, 196
377
432
2, 412
393
2,546
Unadjusted
406
2,762
387
2,630
387
2,650
382
2,586
363
2,347
366
2,358
404
2,473
390
2,411
481
2,730
425
2,782
398
2,645
407
2,636
391
2,601
3S1
2, 90S
252
329
32?
280
315
361
356
367
394
1,047
1,062
1,138
1. 188
1, 366
1, 449
1,592
1,729
398
377
421
410
377
383
364
408
452
373
377
387
412
426
1,902
1,829
1, 822
1,779
1,581
1,559
1,688
1,595
1,767
1,935
1,828
1,833
1,767
2,074
1,302
1,251
1,226
1,366
1,428
1,557
1,780
2,129
2,235
298
283
288
306
322
335
334
382
392
382
365
359
387
391
415
449
473
445
591
571
544
636
672
758
936
1, 201
1,310
66
385
456
382
441
584
444
320
344
Unadjusted
Total excludes Department of Defense shipments of grant-aid military supplies and equipment under the Military Assistance Program.
1
Total arrivals of imported goods other than in transit shipments.
897
Grossmerchandise
trade
Manusurplus,
factured seasongoods ally adjusted
2,203
2,226
2,140
2,227
2,208
2,125
2,208
2,202
2,376
2,625
2,615
2,602
2,612
2,640
2,355
2,091
2,222
2,270
2,127
2, 166
2, 112
2,342
2,435
2,431
2,735
2,448
2,558
2,755
433
385
352
389
366
372
362
417
409
439
441
421
395
455
477
428
454
458
396
444
413
445
437
478
506
444
487
466
1,365
1,182
1,330
1,334
1,273
1,263
1,245
1,367
1,482
1,431
1,692
1,49(5
1,598
1,728
$48
428
407
$40
376
428
434
191
$16
79
169
171
-158
248
* Total Includes commodities and transactions not classified according to kind.
NOTE.—Because of revisions subgroups do not include all data in totals. Data
include uranium ore and thorium.
Source: Department of Commerce.
23
U.S. EXPORTS AND IMPORTS OF GOODS AND SERVICES
The surplus in the balance on goods and services declined sharply to a level of $1.5 billion (seasonally adjusted
annual rate) in the first quarter.
BILLIONS O F DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
50
50
EXPORTS OF G O O D S A N D SERVICES
40
40
30
30
IMPORTS OF GOODS AND SERVICES
20
20
j
10
J
I
1963
1962
1
1964
J
1966
1965
J
I
I
10
1967
SOURCE, W A M M B f l C * COMMERCE
1968
COUNOL OF ECONOMIC ADVISERS
[Millions of dollars]
Exports of goods and services
Imports of goods and services
Income on
investments
Period
Total
19G3.._
19G4._
19C5
19G6
1967 *_
32, 432
37, 098
39, 196
43, 142
45, 756
Merchandise i
Military
sales
22, 071
657
25, 297
747
26, 244
830
29, 176
829
30, 468 1,240
Private
Government
4, 151
4,930
5,384
5,659
6,235
498
456
509
593
624
Other
services
Total
Merchandise *
5,055
5,668
6, 229
6,885
7,189
26, 620
28, 688
32, 295
38, 063
40, 989
17, 014
18, 648
21, 516
25, 541
26, 991
Balance
on
MiliOther goods
tary
and
expend- serv- services
itures
ices
2,961
2,876
2,945
3,735
4,340
6,645
7,164
7,834
8,787
9,658
8,996 4,536
9,100 4,520
5,812
8,409
6,901
5,080
4,768
Seasonally adjusted annual rates
19G6; III
IV
43, 648
44, 236
29, 476
29, 760
820
820
5,768
5,996
588
596
6,996
7,064
39, 112
39, 716
26, 268
26, 700
3,848
3, 916
19G7: I .
II...
Ill
IV
45, 484
45, 508
46, 052
45, 984
30, 644 1,340
30, 812 1,344
30, 504
980
29, 912 1,292
5,772
5,564
6,684
6,916
604
660
624
612
7, 124
7,128
7,260
7,252
40, 312
40, 432
40, 616
42, 592
26, 744
26, 420
26, 164
28, 636
4, 28S 9, 280
4,260 9,752
4,392 10, 060
4,416 9,540
47, 468
31, 696 1,224
6,252
792
7,504
45, 972
31,360
4,432 10, 180 1,496
1968: I >
._.
> Adjusted from customs data for differences in timing and coverage.
24
Source: Department of Commerce.
5,172
5,076
5, 436
3,392
U.S. BALANCE OF INTERNATIONAL PAYMENTS
The U.S. deficit on the liquidity basis was reduced markedly to a $2.4 billion level (seasonally adjusted annual rate)
in the first quarter. O n the official reserve transactions basis, the first quarter deficit was at a $2.0 billion level, less than
half the deficit recorded in the fourth quarter of 1 9 6 7 .
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
10
BALANCE O N GOODS AND SERVICES
\
•
\/ \
\/ \
/
/
s
\
\
\
\V
\
BAIANCC OFFICIAL RESERVE A
TRANSAaiONS BASIS
/
\
\
\
y \
AN
y7
Jl
BALANCE ^ - * ^
LIQUIDITY BASIS
A
\
\
/
V
i
-10
t
1962
1
1963
i
i
1
1
1964
V
T
I
J965
t
1
1 T
1966
r
V
i
1967
1
t
I
1
1968
1
-10
COUNCIL OF ECONOMIC ADVISERS
SOURCEi DEPARTMENT OF COMMERCE
[Millions of dollars]
U.S. private capital, net
Period
1963___
19G4.._
1965....
1966.__
1967...
U.S.
Government
grants
and
capital,
net 1
-3,
-3,
-3,
-3,
—4,
578
564
370
444
211
Direct
investment
Other
longterm
Shortterm
Balance
Errors
Foreign and uncapital, recorded Liquidity
net 1
transbasis 2
actions
-784
- 1 , 9 7 6 - 1 , 698
690
- 2 , 3 2 8 - 2 , 103 - 2 , 147
689
- 753
-3,468 -1,079
271
-418
-256
- 3 , 623
2,532
- 3 , 020 - 1 , 2 7 0 - 1 , 2 1 4
3,185
Seasonally adjusted annual
-244
-860
-315
-210
-532
rates
Official
reserve
transactions
basis 3
- 2 , 6 7 0 - 2 , 011
- 2 , 800 - 1 , 5 6 4
-1,335 -1,289
266
-1,357
- 3 , 571 - 3 , 405
Changes
in gold,
convertible currenTo foreign official
cies, and
fi
To other IMF gold
holders
foreign
tranche
holdersfi position
NonLiquid
(increase
liquid
-39
1,673
620
577
318
1,075
1,554
171
85
-18
131
1,222
761
-1,595
2,384
568
1,291
2,062
1,457
52
Changes in selected
liabilities (decrease [—])4
Quarterly totals, unadjusted
1966:
1,211
90
-598
-524
1,500
924 - 1 , 2 0 4
2,768
82
-28
III___ - 2 , 992 - 3 , 488
— 199
390
671
396
3,184
244
-6
IV.. _ - 2 , 9 8 8 -4,216
-680
-408 -1,332
1967:
332
-709
-SO
-502
3,460 - 1 , 0 0 0 - 2 , 020 - 7 , 056
-696
1,027
I . - - - 4 , 7 0 4 - 2 , 612
580
544
95
4,808 - 1 , 8 3 2 - 2 , 088 - 3 , 224
-724 -1,088
-419
II _ - 4 , 156 - 2 , 6 0 4
281
119
1,306
3,064
828 - 3 , 208
988
—375
I I I . . . - 3 , 9 5 2 - 3 , 6 0 8 - 2 , 0 2 4 — 1,520
1,317
1,412
260
765
-136 -6,968 -4,328
-181
I V . . . - 4 , 032 - 3 , 260 - 1 , 6 3 2 - 1 , 6 5 6
1968:
7
364
-1,358
-592 -2,424 -2,040
-332
678
5,244
— 640
904
- 4 , 652 - 1 , 8 7 2
I 9
6
1
Private holders; includes banks and International and regional organizations;
Includes certain special Government transactions.
excludes IMF*
'Equals changes in liquid liabilities to foreign oflicial holders, other foreign
T On March 31, U.S. reserve assets consisted of gold stock, $10,703 million
holders, and changes in official reserve assets consisting of gold, convertible
(down $1,362 million from December 31); I M F position including pold portion of
currencies, and the U.S. gold tranche position In the IMF.
1
Increased U.S. subscription, $477 million; convertible currencies, $2,746 million.
Equals changes in liquid and nonllquid liabilities to foreign official holders
and changes In official reserve assets consisting of gold, convertible currencies,
NOTE.—Data exclude military grant-aid and U.S. subscriptions to IMF.
and the U.S. gold tranche position in the I M F .
Source: Department of Commerce.
' Includes short-term official and banking liabilities and foreign holdings of
U.S. Government bonds and notes;
T_ „„
* Central banks povernments. and U.S. liabilities to the I M F arising from
reversible gold sales to, and gold deposits with, the U.B.
25
PRICES
CONSUMER PRICES
The consumer price index rose rapidly again in April with a rise of 0.3 percent, making this the seventh consecutive
month with an increase of 0.3 percent or more. Commodities, both food and nonfood, and services also increased by 0.3
percent each.
_
^
^
Index, 1957-59=
Index, 1957-59=100
110
105
105
100
100
1962
1966
SOWC& DEPARTMENT OP LABOR
COUNCIL OF ECONOMIC ADVttttS
[1957-59=100]
Period
19581959
1900
1961
1962
» 1963
- 1964
'I960
1967
'1967: Mar.,
Apr..
May.
JuneJuly.,
A
Sept,
Oct_.
Nov,.
Dec__
1968: Jan..
Feb..
Mar..
Apr__
Source: Department of Labor.
26
All
items
100.7
101.5
103.1
104. 2
105,4
106.7
108.1
109.9
113. 1
116.3
115.0
115.3
115.6
116. 0
116.5
116.9
117. 1
117.5
117. 8
118.2
118.6
119.0
119. 5
110.0
All commodities
100.8
100.9
101.7
102.3
103.2
104. 1
105.2
106.4
109.2
111. 2
110.0
110.2
110.5
111. 0
111. 5
111. 9
112.0
112.4
112.6
112. 9
113.2
113.5
113. 9
114.3
Commodities
Services
Commodities less food
Services
All
Food
Rent
less
NonAll
Durable durable services
rent
99.9
101.9
100.2
100.3
100.0
100. 1
99.8
101.2
100.3
103, 6
103.2
101.6
101.0
101. 5
101,7
101.4
107.4
106.6
103.1
102.0
100.9
102.0
102.6
110. 0
108.8
104 4
103. 2
100.8
103.6
102. 8
112. 1
110.9
105.7
103.8
101.8
105. 1
114. 5
113.0
103. 5
106.8
104.8
102,1
106.4
115.2
117.0
104 4
107.8
105.7
103. 0
108.8
117.8
120.0
105.1
108.9
107.2
102.6
114.2
125.0
122.3
106.5
110.4
109. 7
102. 7
115. 2
131. 1
127.7
112. 4
109. 2
104.3
113. 1
114.2
126.3
129.5
111.8
107.8
102.9
111.8
113.7
126.6
130.0
111.9
108.4
103.4
112.4
113.9
130.4
127.0
112.1
108.7
112.7
103. 9
112. 2
108. 9
112.7
127. 4
115. 1
104. 1
130. S
112.4
109.1
112.8
127.7
104.4
116.0
131. 2
112. 6
109.4
113.2
128.2
104.7
116. 6
131. 7
112.8
110. 0
104.8
114. 1
115.9
128. 7
132. 3
113.0
114.5
115.7
110.6
105.7
129.1
132.7
113.2
106. 0
115.2
115.6
111. 1
129.6
133.2
113.5
115.2
106. 1
116.2
111. 1
130. 1
133.8
113.7
106.3
115.1
117.0
111.2
130.8
134.6
113.9
117.4
106.4
131.3
111. 5
115. 6
135. 2
114. 2
106. 6
117.9
132. 1
111.9
116. 1
136. 1
106. 9
132. fl 114. 4
112. 2
116.4
136. 6
us. 3
WHOLESALE PRICES
According to preliminary estimates, the wholesale price index increased for the seventh straight month in M a y with a
rise of 0.1 percent. Increases of 1.1 percent in farm prices and 0.6 percent in processed foods and feeds were almost
offset by a drop of 0.2 percent in industrial prices. The over-all index was 2.5 percent above a year earlier.
Index, 1957-59
120
Index, 1957-59=100
120
90
90
85
85
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT OF LABOR
[1957-59=100)
Industrial commodities
All
commodities
Period
1958—_
1959_
1960
1961..
1962
1963_._
1964.,
1965
1966
1967
1967: Apr
May
June
July
Aug
j
^
_.
._
.
.
..__
_
—
Sept.
_
-- .
Oct. .„ . Nov
Dec
1968: Jan
Feb
Mar
Apr_, __ __
May »
_.
.„
_-
_^
_ _
-
100. 4
100. 6
100.7
100. 3
100. 6
100.3
100.5
102.5
105.9
106. 1
105.3
105.8
106. 3
106. 5
106. 1
106. 2
106.1
106. 2
106. 8
107.2
108.0
108. 2
108.3
108.4
Farm
products
103. 6
97. 2
96.9
96. 0
97. 7
95. 7
94. 3
98.4
105. 6
99.7
97.6
100.7
102. 4
102.8
99.2
98.4
97.1
96.4
98.9
99.0
101.3
102.1
102. 1
103.2
essed
foods
and
feeds
102. 5
99. 9
100. 0
10L 6
102.7
ioa 3
103. 1
106.7
nao
111. 7
110.0
110.7
112. 6
113.1
112. 1
112.7
111.7
110.9
111. 5
112.4
113.3
112.9
112.8
113.5
*Coverace of the subgroups does not correspond exactly to coverage of this
index.
3
Excludes Intermediate materials for food manufacturing and manufactured
animal feeds; includes, in part, groin products for further processing.
Ail industrials 1
99. 5
10L3
101.3
100. 8
100. 8
100.7
101. 2
102. 5
104. 7
106. 3
106.0
106.0
106. 0
106.0
106.3
106.5
106.8
107. 1
107. 4
107.8
108.3
108.6
108.8
108.6
Crude
materials
96L9
102. 3
9&3
97. 2
95. 6
94.3
97. 1
100.9
104.5
100.0
99.3
99.4
99. 4
99.0
99.0
99.5
99.4
100.6
101.3
101.4
102.4
103.1
101.7
Inter- Producmediate er finmateished
rials*
goods
99. 4
101. 0
101.4
100.1
99.9
99.6
100.2
101.5
103.6
104.8
104.7
104.6
104.5
104. 5
104, 6
104. 9
105.0
105.3
105.7
106.1
106.8
107.2
107.4
100.2
102. 1
102.3
102.5
102.9
103. 1
104. 1
105.4
108.0
111.5
110.8
111.1
111.2
111. 2
111. 4
111. 6
112.6
113. 0
113.4
114.0
114.2
114.4
114. 7
Consumer finished goods excluding food
NonDurdurable
able
100.1
99.3
10L3
100.8
100.9
10L5
100L5
10L5
100.0
101.6
99.5
10L9
99.9
101.6
99.6
102.8
100.2
104.8
101.7
107.2
101.3
106.4
101.3
106.9
101. 0
107.2
101. 1
107.4
101.2
ioao
101.4
108.0
102.8
107.8
103. 0
107.9
103.0
108.0
103.5
108.0
103.5
108.4
103. 6
ioa 6
103.5
109.0
NOTE.—Beginning January 1967, the indexes incorporate a revised weighting
structure reflecting 1963 values of shipments. The classification structure also
changed.
Source: Department of Labor.
27
PRICES RECEIVED AND PAID BY FARMERS
During the month ended M a y 1 5, prices received by farmers increased 1 percent while prices paid were unchanged.
The parity ratio remained at 73.
^ ^ _ «——^^^^^^^^m^—m^—^—
Index, 1957-59=100
index, 1957-59=100
PRICES PAID,
INTEREST, TAXES, A N D
WAGE RATES \
100
*
PRICES RECEIVED
(ALL FARM PRODUCTS)
90
90
RATIO J /
100
00
90
RATIO
PARITY
so r
70
^
80
* - N ^
i i I i . . . i
1962
i
. . t . 1 . t i i t
1963
70
1964
1965
1966
1967
1963
J/RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES, ON 1910 : l4-t00 BASE,
SOURCE. DEPARTMENT OF AGRICULTURE
Prices received by farmers
Period
1958
1959
1960
1961
1962
1963
_._
1964
1965
1966
1967
1967: Apr 15__
May 15.
June 15.
July 15.
Aug 15__
Sept 15.
Oct 15..
Nov 15,
Dec 15_.
1968: Jan 15_.
Feb 15._
Mar 15.
Apr 15..
May 15.
All farm
products
104
100
99
99
101
100
98
103
HO
104
102
104
105
106
105
105
104
104
105
105
106
107
107
108
Crops
100
99
99
102
104
107
107
104
106
100
100
99
102
99
99
98
101
102
103
103
102
103
104
105
28
Prices paid by farmers
Livestock
and
products
All items,
interest,
taxes, and
wage rates
Index, 1957-59=100
106
100
102
100
102
98
103
98
105
99
107
95
107
91
110
101
114
113
116
107
103
116
108
116
108
117
110
117
110
117
110
117
107
117
105
117
105
117
107
118
109
119
109
120
109
121
109
121
»Percentage ratio of index of prices received by farmers to index of prices paid
Interest, taxes, and wage rates on 1910-14=100 base,
COUNCIL OF ECONOMIC ADVISERS
Family
living
items
100
101
102
102
103
104
105
107
110
113
111
112
112
113
113
113
113
114
114
115
115
116
117
117
Parity ratio >
Production
items
100
102
101
101
103
104
103
105
108
109
109
109
110
no
109
109
109
109
109
110
111
111
111
112
Actual
85
81
80
80
80
78
76
77
80
74
72
74
75
74
75
74
73
73
74
73
74
74
73
73
Adjusteda
88
82
81
83
83
81
80
82
86
79
78
79
SO
80
80
79
78
78
79
79
80
79
79
79
JTho adjusted parity ratio reflects Government payments made directly
to farmers.
Source: Department of Agriculture.
MONEY, CREDIT, AND SECURITY MARKETS
MONEY SUPPLY
The seasonally adjusted money supply increased $1.6 billion in M a y , while time deposits increased only $ 0 . 2
billion. The $0.5 billion increase in time deposits during A p r i l - M a y combined was the smallest two-month increase
since October-November 1966.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
1968
COUNCIL OF ECONOMIC A
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Averages of daily figures, billions of dollars]
Money supply
Money supply
CurCurTime
DeDerency
rency
de- l
mand
mand
outoutTotal
Total
posits
dedeside
side
posits
posits
banks
banks
Period
1962:
1963:
1964:
1965:
1966:
1967:
1967:
Dec
.
Dec
Dec _ .
„_
Dec
Dec. ._
. .
Dec
...
Mar
Apr
May
June _~
July
Aug..
_
Sept_ _ „ _ ..
Oct
.
Nov..- . .
Dec.
1968: Jan
Feb
Mar
_.
Apr .
_
Mav *
—
-
147.4
153.0
159.3
166.8
170.4
181. 5
173.1
172.7
174.5
176.2
177.9
179. 1
179.2
180.3
181.2
181.5
182.5
182.5
183,4
184 7
186. 3
Seasonally
30.6
32.5
34.2
36.3
38.3
40. 4
38.9
39.1
39.2
39.3
39.5
39.6
39.8
39.9
40.0
40. 4
40.5
40.7
41. 1
41.4
41.6
adjusted
116.8
120.5
125.1
130.5
132. 1
141. 1
134.2
133.6
135.3
136.8
138.4
139.6
139.5
140.3
141.2
141. 1
141.9
141.8
142.3
143.3
144.7
* Deposits at all commercial banks.
NOTE.—Effective June 9,196G, balances accumulated for payment of personal
loans (about $1.1 billion) arc excluded from time deposits and from loans at
all commercial banks.
97.8
151.6
112.2
157.3
126.6
164.0
146.9
172. 0
158.6 [ 175.8
187.2
183. 8
166. 1
171.9
173.6
168.1
171.1
170.0
174.3
172.4
175.8
174.6
175.9
177.2
178.4
178.9
180.6
180.8
182.5
182.5
187.2
1S3. 8
183.7
187.8
181.5
185.0
182. 1
186. 6
185. S
1S6. 9
1S2. 7
187. 1
31.2
33. 1
35.0
37.1
39.1
41.2
38.5
38.7
38.9
39.3
39.6
39.6
39.8
40.0
40.4
41.2
40. 5
40.3
40.7
41. 0
41.3
Time
deposits l
Unadjustec 1
120.3
124.1
129. 1
134.9
136.7
146.0
133.4
134.9
132.2
135. 1
136. 2
136.2
138.6
140.6
142.1
146.0
147.3
141.3
141.4
144. 8
141.3
96.7
111.0
125.2
145.2
156.9
181.8
166.7
168.8
170.8
173.0
175.1
177.7
178.9
180.3
181.1
181.8
183. 5
185.5
187.4
187.6
187. 1
U.S.
Government
demand
deposits 1
5.6
5.1
5.5
4.6
3.4
5.0
4.9
4.8
6.5
13.9
5.6
4.3
5.0
6.2
5.2
5.0
4. 9
7.2
6.7
4.2
6.4
Data Include Alaska and Hawaii.
Source: Board of Governors of the Federal Reserve System.
29
SELECTED LIQUID ASSETS HELD BY THE PUBLIC
Public holdings of demand deposits and currency (seasonally adjusted) increased $3 billion in M a y , following a
decline in April. Time deposits and savings and loan shares outstanding increased very little, however, and holdings
of short-term Government securities declined for the second consecutive month.
BILLIONS OF DOLLARS
700
300
200
100
100
1962
.
1968
, 1963,
I/ASSETS OTHER THAN DEMAND DEPOSITS AND CURRENCY.
COUNCIL OF ECONOMIC ADVISERS
S O U R C E I BOADD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
[Billions of dollars, seasonally adjustedl
Time deposits
End of period
Total
selected
liquid
assets .
Demand
deposits
and
currency l
Commercial
banks
Mutual
savings
banks
Postal
Savings
System
Savings
and loan
shares
U.S. Government
savings
bonds *
U.S. Government
securities
maturing
within
one
year 8
47.4
38.3
0.6
70,5
42. 6
82.5
142.6
424 6
47.6
41.4
.5
79.8
46.8
9& 1
144 8
459.0
49.0
44. 5
.5
90.9
48. 1
112.9
149.6
495.4
49.0
.4
101.4
49.9
46.1
127.1
156.7
530.5
52,6
.3
109.8
48,6
50.5
147. 1
573.0
164.0
55.2
.1
113.4
53.9
159.3
50.9
168.6
G01. 5
60. 1
50. 5
180. 7
183. 1
650. 2
51. 9
12a 9
613.2
168. 6
56. 8
168.6
117. 1
50.9
.1
51.1
619.7
172.9
170.7
57.4
118.0
49.5
.1
51.1
620.6
57.8
173.7
172. 4
46. 5
118.9
. 1
51.2
623. 0
174.7
58. 4
171.9
119.9
46,7
. 1
51.3
630. 2
177. 2
58,7
174. 1
. 1
121.0
47.8
51.3
635. 4
. 1
176. 2
178. 1
122.5
4a 2
51.4
sa 9
638. 1
175.7
180.1
48.3
123.0
51.4
59.5
645. 8
183. 8
177.8
123. 7
49. 1
51. 5
59.9
123 9
50 5
183. 1
60. 1
650. 2
180. 7
51 9
3
3
179.5
655.8
60. 6
53. 6
186.5
123. 7
51. 9
187.6
61. 1
658.6
178. 2
55. 4
124.6
51.8
56. 9
61. 4
181.5
187.8
665. 2
125. 9
51. 8
126. 0
51. 8
56. 5
187. 3
61. 7
663.9
180.7
62.0
55.6
183.7
187.2
666.8
126.4
51.8
1
Agrees in concept with money supply, p. 29. except for deduction 0/ domand
February I960, savings and loan association.
8
deposits held by mutual savings banks and sayings and loan associations. Data
Beflects conversion of a savings and loan association with share capital of
for last Wednesday ol month,
about $175 million to a mutual savings bank.
Excludes holdings of Government agencies and trust funds, domestic comNOTE.—See Note, p. 29.
mercial and mutual savings banks, Federal Reserve Banks, and beginning
Source: Board of Governors of the Federal Reserve System,
1961.
1962_
1963.
1964..
1965..
1966.
1967 _
1967: Apr
May...
June—.
July...
Aug—
Sept.,.
Oct.__.
Nov...
Dec...
1968: Jan *__
Feb » „
Mar K.
Apr *__
Mav *_
30
BANK LOANS, INVESTMENTS, DEBITS, AND RESERVES
Commercial bank loans, seasonally adjusted, showed little change in M a y while security holdings increased by $1.6
billion. Free reserves increased $80 million to a net borrowed position of about $330 million.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
ALL COMMERCIAL BANKS
100
100
50
50
INVESTMENTS I N OTHER SECURITIES
I .....
. . i , ,I
1962
1968
COUNCIL OF ECONOMIC ADVISERS
SOURCE. BOAXD OF GOVERNORS OF THE FEDERAL KESEKVI SYSTEM
Bank
Weekly
debits
reporting
large com- outside
mercial New York
City (232
Investments
banks
Loans,
centers),
excluding
inter- U.S. Gov- Other Commercial seasonally
bank
ernment securi- and indus- adjusted
securities
ties
trial loans annual
rates 1
Billions of dollars
32.9
1,882
65.2
23. 9
120.5
35.2
2,021
134.1
64.5
29. 2
38.8
2,199
61.5
35. 0
149.7
1
42.1
2, 706
167.7
60.7
3a 7
'53.1
St013
57.3
44.8
192.4
60.7
207.8
53.7
48.7
s%m
65.8
224.9
59.6
61.4
8,897
62.3
56. 1
53.6
213.5
8,690
61.8
56. 1
55.0
213. 5
3,614
63.8
213.9
55.4
56.3
8,788
63.7
58.8
56.5
217.1
8,882
62.2
61.8
57.3
218.2
3,882
63.4
61. 6
57.7
220.2
3,847
63.1
62.3
58.6
221.8
3,891
63.7
61.8
60.3
222.3
3,897
65. 8
224. 9
59. 6
61.4
8,897
65.0
59. 1
62.4
227.5
4,046
65.1
61.8
62.6
228.7
4,047
66.5
59.9
63.5
228.5
4,021
67.6
231. 9
59. 2
63.4
4,215
67.1
60.7
63.5
232. 0
4,243
certain certificates of CCC
deposit accounts except interbank and
All commercial banks
(seasonally adjusted data)
End of period
1961.
1962.
1963.
1964.
19651966.
1967
1967: Apr
May__
June
July..
Aug_.
Sept .
Oct
Nov.
Dec „
1968: Jan ».
Feb *_
Mar *
Apr *_
May »
Total
loans
and
investments
209.6
227.9
246.2
267.2
294.4
310.2
345.9
323.2
324. 6
325. 6
332. 4
337.3
339. 5
342.6
344.4
345.9
349.0
353.0
351.8
354 6
356.3
d e b i t s during period to demand
U.S. Government. New series beginning January 1964.
3
Averages of daily figures. Annual data are lor December.
»New series; see Federal Reserve Bulletin, March 1967.
NOTE.—Effective June 1066, balances accumulated for payment of personal
loans (about $1.1 billion) are excluded from loans at all commercial banks, and
All member banks
Total
reserves
Borrowings at
Free
Excess Federal
reserves Reserve reserves
Banks
Millions of dollars
20,118
568
149
20f 040
572
304
20, 746
536
327
21,609
411
243
22, 719
452
454
23, 830
392
557
25, 260
345
238
23, 362
309
134
23, 284
370
101
23, 518
420
123
23, 907
359
87
23, 791
387
89
24, 200
358
90
24, 60S
286
126
24, 740
403
133
25, 260
345
238
25, 834
381
237
25, 610
399
361
25, 580
356
671
25, 546
270
683
25, 502
415
746
419
268
209
168
-2
-165
107
175
269
297
272
298
268
160
270
107
144
38
-315
-413
-331
and Export-Import Bank totaling about $1 billion are
included in other securities rather than in loans. Data include Alaska and
Hawaii.
Source: Board of Governors of the Federal Reserve System.
31
CONSUMER AND REAL ESTATE CREDIT
Total consumer credit outstanding increased more than seasonally in April, and the increase in seasonally adjusted
instalment credit outstanding exceeded $500 million for the third consecutive month.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
END OF MONTH
100
100
OUTSTANDING
TOTAL CONSUMER CREDIT
^
'
-
S
>l
80
+***
60
-*
-„*
-
~
__,—A
.-
oO
—
\
-
INSTALMENT CREDIT
40
Ad
20
_
\
-^
'S-
20
HONINSTALMEb T CREDIT
t } 1 I 1 t 1 1 I
t I t t f 1 ( t l t
I
r t i i t 1 | | t t 1
T
1
t
i t r i i 1 i I I t \
i i 1 i » t . i
i i i i 1 1 r \ \ I t
t
t \ t t 1 i
3
SEASONALLY ADJUSTED A N N U M RATES
INSTALMENT CREDIT EXTENDED
-V
6
I\
INSTALMENT CREDIT REPAID
I i \ ' i I t t
1962
|
'
'
t
I
'
f
t
T >
f
1963
' ' ' ' ' I ' ' ' ' '
1964
" I ' M l l i p
1965
SOURCEi BOA*D OF GOVERNORS OF THE FEDEKAl RESERVE SYSTEM
Instalment
Total
1958
1959
1960
1961
1962
1963
_.
1964
1965
1966.
1967
1967: Apr..
May.
June.
Julv.
Sept.
Oct..
Nov.
Dec,
1968:
Feb..
MnrApr..
Total i
45, 129
51, 542
56, 028
57, 678
63, 164
70, 461
78, 442
87, 884
94, 786
99, 228
93, 089
93, 917
94, 813
95, 115
95, 684
95, 886
96, 094
96, 802
99, 228
98, 225
97, 672
97, 875
99, 142
33, 642
39, 245
42, 832
43, 527
48, 034
54,158
60, 548
68, 565
74, 656
77, 946
73, 840
74, 290
75, 051
75, 348
75, 889
76, 039
76, 223
76, 680
77, 946
77, 467
77, 327
77, 581
78, 345
t t t r r I t
J967
I.I
t
' ' ' ' ' f ' ' '•
1968
Consumer instalment credit extended
and repaid (seasonally adjusted)
Total
Automobile paper
Mortgage
debt outstanding
nonfarm,
1- to 4family
houses 3
117, 700
130, 900
141, 300
153, 100
166, 500
182, 200
197, 700
213, 200
223, 700
236, 100
NonAutomobile
Personal instal- Extended Repaid Extended Repaid
ment *
paper
loans
14, 152
8, 116 11, 487 .40, 119 40, 344 14, 226 15, 415
16, 420
9,386
12, 297 48, 052 42, 603 17, 779 15, 579
17, 688 10, 480 13, 196 49, 560 45, 972 17, 654 16, 384
17, 223 11, 256 14, 151 48, 396 47, 700 16, 007 16, 472
19, 540 12, 643 15, 130 55, 126 50, 620 19, 796 17, 478
22, 433 14, 464 16, 303 61,295
55, 171 22, 292 19, 400
25, 195 16, 228 17, 894 67, 505 61, 121 24, 435 21, 676
28, 843 18,354
19,319
75, 508 67, 495 27, 914
24, 267
30, 961 20, 110
20, 130 78, 896 72, 805 28, 491
26, 373
31, 197 21, 690
21, 282 81, 263 77, 973 27, 221
26, 985
30, 635 20, 193
19, 249
6,606
6, 393
2,217
2,235
30, 852 20, 326
19, 627
6,554
6,361
2,238
2,219
31, 20S 20, 567
19, 762
6,823
6, 531
2,338
2,281
228, 200
20, 666
31, 364
19, 767
6,776
6,551
2,266
2,228
31, 455 20, 936
19, 795
6,929
6,585
2,285
2,240
31, 296 21, 087 19, 847
6,973
6,689
2,322
2,280
232, 200
31, 237 21, 198 19, 871
6,942
6,631
2,321
2,301
31,217
21, 375 20, 122
7,032
6,614
2,305
2,240
31, 197 21, 690 21, 282
7, 035
6,652
2,306
2,250 "236," 100
31, 061 21, 631 20, 758
7,089
6,691
2,437
2,302
31, 137 21, 752 20, 345
7,245
2,519
2,308
6,679
31, 380 21, 873 20, 294
7,380
2,567
2,330
6,814
31, 766 22, 128 20, 797
7,342
2,517
2,339
6,800
»Also includes other consumer goods paper, and repair and modernization
loans, not shown separately.
J Consists of single-payment loans, charge accounts, and service credit.
3
fcnei of period, unadjusted.
32
1966
COUNCIL OF ECONOMIC ADVISERS
[Millions of dollars]
Consumer credit outstanding (end of period;
unadjusted)
Period
M I M I T f M
MOTE.—Data for Alaska and Hawaii included beginnine January and August
1959, respectively.
Sources: Board of Governors of the Federal Reserve System and Federal Horn©
Loan Bank Board.
BOND YIELDS AND INTEREST RATES
Interest rates and bond yields rose steadily in late April and early May/reaching new peaks in mid-May. Most rates
declined somewhat in late May and early June.
PERCENT PER .ANNUM
7
PERCENT P R ANNUM
E
7
1963
.COUNCIL OF ECONOMIC ADVISERS
SOURCE* SEE TABLE BEIOW
Period
1961
1962
1963_
1964_
„
19G5 _
1966
1967
„.
1967: Apr
Mav
June
Julv.
Aug
Sept
Oct
Nov
Dec
19GS: Jun . . .
Feb
Mar
Apr
Mav__
Week ended:
1968: Mav 17
31
June 7
14
2lII
1
[Percent per annum]
High-grade
U.S. Government security yields
municipal
3-month
bonds
3-5 year
Taxable
Treasury
issues 3
bonds 3 (Standard &
bills *
Poor's) «
2. 378
3.60
3. 90
3. 46
2. 778
3.95
3. 18
3.57
3. 157
3.72
4.00
3.23
3.549
4.06
4. 15
3.22
3.954
4.22
4.21
3.27
4. 881
5. 16
4. 65
3.82
4 321
4.85
3.96
5.07
3.852
4.46
4 51
3.66
3.640
4.68
4.76
3.92
3.480
4.96
4.86
3.99
4. 308
5.17
4.86
4 05
4. 275
5. 28
4.95
4.03
4. 451
5.40
4 99
4.15
4 588
5.52
5. 19
4 31
4.762
5.73
5.44
4.36
5.012
5.72
5.36
4 49
5.081
5.53
5. 18
4 36
4.969
5.59
5.16
4.39
5. 144
5.77
5.39
4 56
5. 365
5.69
5.28
4 41
5.621
5.95
5.40
4.56
5.558
5. 847
5.696
5.649
5. 713
*5. 578
5.95
6. 09
5.91
5.80
5.75
5.38
5. 52
5.44
5.30
5.27
3
Bate on new Issues within period;
Selected note and bond Issues.
* April 1953 to date, bonds due or callable 10 years and after.
4
Weekly data are Wednesday
figures.
*Not charted.
1
jData for first of the month, based on the maximum permissible interest rate
(6 percent beginning October 1066) and 30-year mortgages paid in 16 years.
4.55
4.68
4.65
4 59
4 61
Corporate bonds
(Moody's)
Aaa
4 35
4.33
4 26
4 40
4 49
5. 13
5.51
5.11
5.24
5.44
5.58
5.62
5.65
5.82
6.07
6.19
6. 17
6.10
6. 11
6.21
6.27
6.27
6.28
6.29
6.29
6.28
Baa
5.08
5. 02
4.86
4.83
4.87
5.67
6.23
5.83
5.96
6.15
6.26
6.33
6.40
6.52
6.72
6.93
6.84
6.80
6.85
6.97
7.03
6.99
7.05
7.10
7.09
7.08
Prime
FHA
commercial
new home
paper,
mortgage
4-6
yields fi
months
2.97
5. SO
3.26
5. 61
3.55
5.47
3.97
5.45
4.38
5.46
5.55
6.29
5.10
6.55
4 83
6.35
4.67
6.29
4.65
6.44
4 92
6. 51
5. 00
6.53
5.00
6.60
5.07
6.63
5.28
6.65
5.56
6.77
5.60
6. 81
5.50
6. SI
5.64
6. 78
5.81
6.83
(5. 18
G. 94
6.13
6.25
6.25
6.25
6.25
Sources: Treasury Department, Board of Governors of the Federal Reserve
System, Federal Housing Administration, Standard & Poor's Corporation, and
Moody's Investors Service.
33
COMMON STOCK PRICES, YIELD, AND EARNINGS
The common stock price index reached a record monthly averase level in M a y and showed a further sharp rise in
GQrlv lunc
Index, 1941*43=10
100
100
90
90
80
80
'COMPOSITE PRICE INDEX FOR
500 COMMON
STOCKS
70
70
60
60
> i ' i I t i i t i i
• i('t i f t i
t i 1 i i i i t I i
i . i i
PERCENT
PERCENT
MONTHLY
5
5
4
DIVIDEND
4
YIELD ON COMMON S T O C K S ^ * — - ^
/
^
J
*i
WEEKLY
2
1 ,1 t 1 1 T 1 f 1 T f
1 T T 1 1 1 1
'
•
'
'
'
1i i i i t
i i, t,
J.I
1i i
1 1 ! . 1 I. 1 t t t t
t r I i t 1 I t i i f
i-i-1
1 t t 1 T T f f
2
f i I
RATIO
RATIO
25
25
PRICE/EARNINGS RATIO O N
20
\
10 A
V
COMMON
STOCKS
20
.
,
i
i
r
1962
15
t
i
'
t
1963
1
i
1964
r
i
r
i
i
i
r
t
r
r
1967
1966
1965
SOURCE. STANDAK) & FOOTS CORPORATION
f
T
K 10
1968
COUNCIL OF ICONOM1C ADVISERS
1
Period
1962
_
1963
_
1964_
1965
1966
1967,.
_
1967: May.
June
July
Aug
Sept
Oct..
Nov
Dec
1968: Jan
Feb
Mar
Apr
May
Week ended:
1968: May 3 .
10.
17.
24.
31.
June 7_
14.
Total
Total
62.38
69.87
81.37
88.17
85.26
91,93
92.59
91.43
93. 01
94.49
95.81
95.66
92.66
95.30
95,04
90.75
89.09
95.67
97.87
65.54
73.39
86. 19
93.48
91.08
99.18
99.59
98.61
100. 38
102. 11
103. 84
104. 16
100.90
103. 91
103. 11
98.33
96.77
104.42
107. 02
98. 05
98.61
97.78
96.94
97.80
100. 44
101. 36
107. 26
107. 90
106.93
105.89
106. 95
109, 95
110. 90
Price index
Industrials
Capital Consumers
goods
Railroads
Dividend
yield »
(percent)
1941-43=10
54.96
58.15
62. 28
63.30
73.84
76.35
81.94
85. 26
74. 10
84.86
79.18
96.96
79.13
95.10
78.94
96.34
81.27
98.35
8a 88
101, 01
84 62
104 17
83.60
106. 64
80.47
103.58
81.92
106. 41
81. 06
102, 87
77.99
98.13
77.49
96.32
84. 79
104. 08
87.75
106. 86
59.16
64 99
69,91
76.08
68.21
68.10
70.70
67.39
67.77
68.03
67.45
64 93
63.48
64 61
68.02
65.61
62.62
63.66
62.92
30.56
37.58
45.46
46.78
46.34
46.72
47.00
48.19
49.91
50.43
49.27
46.28
42.95
43.46
43.38
42.35
41.68
44 79
48.00
3.37
3.17
3.01
3.00
3.40
3.20
3.19
3.19
3. 15
3. 11
3.07
3.07
3.18
3.09
3. 13
3.28
3, 34
3. 12
3.07
87.23
88.52
87.92
87,46
87.61
88.62
* 90. 01
63.29
63.50
62.99
62.53
62.33
63.08
63.85
46. 53
46.89
47.44
49.20
49.56
51.33
52.52
Price/
earnings
ratio 3
3.06
3.05
3. 08
3.10
3. 07
3. 02
4
• 2 . 96 I
107. 52
108. 03
106. 31
104. 98
107. 47
110. 92
«113. 52
1 Includes 500 common stocks; 425 are industrials; 55 arc public utilities, and 20
are railroads. Weekly indexes or capital and consumer eoods are Wednesday
figures; all other weekly,Indpxes are averages of daily lirures.
Aprrepato cash dividends (based on latest known annual rate) divided by
the apfregate monthly market value of the stocks in the group. Annual yields
34
Public
utilities
16. 68
17.62
18.08
17,08
14 92
17.54
17.01
17.81
17.41
~*16.~22
are averages of monthly data. Weekly data are Wednesday figures,
< Ratio of price Index for last day in quarter to quarterly earning (seasonally
adjusted annual rate). Annual ratios are averages of quarterly data.
Tuesday prices.
* Not charted.
Source: Standard & Poor's Corporation.
FEDERAL FINANCE
FEDERAL BUDGET RECEIPTS, EXPENDITURES, AND NET LENDING
In the receipt-expenditure account, the increase in receipts in fiscal 1968 Is estimated at $6.2 billion and the increase
in expenditures at $16.7 billion. The increase in expenditures and n^i lending is expected to be $17.3 billion.
BILLIONS OF DOLLARS
200
BILLIONS OF DOLLARS
200
80
80
(ENLARGED SCALE)
(ENLARGED SCALE)
+20
+20
SURPLUS (+} OR DEFICIT {-)
+10
+10
RECEIPT-EXPENDITURE ACCOUNT
0
0
-10
- -20
-20 h
1958
1959
1960
1961
1965
1963
1964
FISCAL YEARS
1962
J/fcECEIPTS LESS EXPENDITURES AND NET LENDING.
1966
1967
J/feSTlUATE.
SOURCES. TREASURY DEPARTMENT AND BUREAU OF THE BUDGET
1968-*'
1969-^
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Budget receipts, expenditures, and net lending
Period
Receipt-expenditure account
Receipts
Fiscal year:
1958_.
1959
1960
1961
.
.1962
_
1963. .
_
_.
1964
1965
1966
1967
.
. _-1968 1 __
._
1969 *
Fiscal year 1968:
Apr
Cumulative total, first 10 months._
Expenditures
Net
lending
Total
surplus or
deficit ( - )
79.6
79.0
92.5
94.4
99.7
106.6
112.7
116.9
130.9
149.6
155.8
178.1
81.2
89.7
90.4
96.7
104.7
111.5
118.1
116.7
130.7
153.2
169.9
182.8
— 1.6
-10.6
2.1
-2.3
-5.0
-4.9
-5.4
.1
.2
-3.6
-14.0
-4.7
1.5
2.7
1.9
1.2
2.4
-.1
.5
1.2
3.8
5.2
5.8
3.3
-3.1
-13.3
. 2
-3.5
-7.4
-4.7
-6.0
-1.1
-3.7
-8.S
-19.8
-8.0
19. 1
122.6
15.2
143.5
3. S
-20.8
.5
4.1
Public debt
(end of
period)
279.1
286.7
289. 2
291.0
301.1
308.5
314.4
320.8
329.5
341.3
370.0
387.2
3.4
-24.9
'Estimates in the 1969 Budget, submitted in January 1968.
NOTE.—Budget receipts and expenditures, net lending, and the public debt
are based on The Budget of the United States Government, 1S69, which shows data
on the basis of budget concepts adopted pursuant to the recommendations of the
Surplus or
deficit (—)
Loan
account
President's Commission on Budget Concepts. As soon as all of the data are
available on a monthly basis, the table will be expanded to include them.
Sources: Treasury Department and Bureau of the Budget.
3B
FEDERAL BUDGET RECEIPTS BY SOURCE AND
OUTLAYS BY FUNCTION
In fiscal 1968, individual income taxes are estimated to increase by $6.2 billion, corporation income taxes to decline
by $2.7 billion, and other receipts to increase by $2.7 billion. National defense outlays are estimated to increase by
$6.4 billion and nondefense outlays by $10.8 billion.
BILLIONS OF DOLLARS
100
BILLIONS OF DOLLARS
100
RECEIPTS
80
80
INDIVIDUAL INCOME TAXES
60
60
\
40
40
20,
20
CORPORATION INCOME TAXES
J
0
120
I
1
0
L
120
EXPENDITURES AND NET LENDING
100
100
80
...^rz
60
40
40
"NATIONAL DEFENSE
20
1958
1959
I960
1961
J/ESTIMATE.
SOURCES. TREASURY DEPARTMENT AND BUIEAU OF THE BUDGET.
1966
1965
1963
1964
FISCAL YEARS
1962
1967
1968-!/
1969 J/1
20
COUNCIL O f tCONOM1C ADVISERS
[Billions of dollars]
Receipts
Period
Fiscal year:
1958
1959
1960
1901
1962
1963
1964
1965
1966
1967 3
1968 3
1969 ___
Fiscal year 1968:
Apr
_
__
Cumulative total,
first 10 months..
Total
79.6
79.0
92. 5
94.4
99.7
106.6
112.7
116.9
130.9
149.6
155.8
178. 1
Individual Corporation
income
income
taxes
taxes
34.7
36.7
40.7
41.3
45.6
47.6
48.7
48.8
55.4
61.5
67.7
80.9
Other
Total
82.7
20. 1
17.3
21.5
21.0
20.5
21.6
23.5
25.5
30.1
34.0
31.3
34.3
24.8
25. 0
30.3
32.1
33.6
37.4
40.5
42.6
45.4
54. 1
56.8
62.9
92.4
92, 3
97.9
107.0
111.3
118.7
118.0
134.6
158.4
175.6
186. 1
Expenditures and net lending
National defense International Health,
Departlabor,
affairs
ment of
and
Total
and
Defense,1
welfare
finance
military
44.5
46.7
45.8
47.5
51.2
52.2
53.7
49.6
56.8
70. 1
76.5
79.8
39. 1
41.2
41.2
43.2
46.8
48.3
49.8
46.2
54.4
67.5
73.7
76.7
19.1
9.4
4.2
5.5
15.7
57.3
20,7
44.6
147.5
15. 8
18. 0
19. 1
22.4
24. 0
25. 7
27. 2
28. 2
33.2
40. 1
46.4
51.4
19.2
?A. 5
24.2
24.7
' 27.3
29.2
33.7
36.0
40. 3
43,6
47.7
49.7
6.8
122.6
3.3
3.2
3. 1
3.4
4.6
4.2
4.2
4.2
4.4
4.6
5.0
5.2
Other2
63. 2
1
Expenditure account.
adopted pursuant to the recommendations of the President's Commission on
* Includes undistributed adjustments to amounts for all functions and snecial
Budget Concepts. As soon as all of the data are available on a monthly basis,
allowances for 1068 and 1069.
the table will bo expanded to include them.
» Estimates In the 1069 Budget, submitted in January 1968.
Sources Treasury Department and Bureau of the Budget.
NOTE.—Receipts and outlays in this table are based on The Budget of the
UniUd States Government, 1069, which shows data on the basis of budget concepts
36
FEDERAL SECTOR, NATIONAL INCOME ACCOUNTS BASIS
In the first quarter, Federal receipts rose by about %1VA billion (seasonally adjusted annual rate) and expenditures by
about $ 7 % billion resulting in an increase of almost $Vi billion in the deficit to a level of over $11 billion.
BILLIONS OF DOLLARS
180
BILUONS o r DOLLARS
180
•SEASONALLY ADJUSTED ANNUAL RATES
V
-
/
-
/
160
160
-
-
140
140
RECEIPTS
-
A
-
120
120
EXPENDnURES
100
1
f
T
\
r
•20
f
I
T
t
T
T
t
r
T
r
i
t
100
•20
SEASONALLY ADJUSTED ANNUAL RATES
SURPLUS
mI
DEFICIT
1
T
1962
m
-20
1963
1965
CALENDAR YEARS
1964
1966
1968
1967
COUhtdL OF ECONOMIC ADVISERS
SOURCE. DEPARTMENT O f COMMERCE
[Billions of dollars, quarterly data at seasonally adjusted annual rates]
Fed era i Government expenditures
Federal Government receipts
Period
Total
Fiscal year:
1964 w .
1965. -_
1966
1967
1968 *
1969*
Calendar
year:
1964 . . .
1965
1966
1967
1966:1..
II-.
IIIIV.
1967:1..
IIIII.
1968: I~~
1
Estimates.
Personal
tax and
nontax
receipts
Corporate
profits
tax
accruals
Indirect
business
tax and
nontax
accruals
Surplus
Subsidies
Gran taless
in-aid
PurContriNet
current
chases Trans- to State
butions
interest surplus
and
for
Total of goods fer paypaid of Govt.
local
ments
and
social ingovernenterservices
surance
ments
prises
115.5
120. 6
132. 9
147.6
161. 1
182.5
50.7
51. 3
57. 5
64.6
71.0
83.8
25.7
27.8
31. 0
31.4
34.3
37.2
15.6
16.9
15. 8
15.9
17.1
18.1
23.5
24.5
28.6
35.7
38.7
43.4
116.9
US. 3
131. 9
155. 1
171.1
185. 0
65. 7
64.3
71.7
84.5
92.8
99.4
29.5
30.4
34.1
39.8
44,9
49.9
10.9
12.7
15.4
18.0
20.0
115. 0
124. 8
143.2
151.8
137.0
141.6
145.6
148. 6
149. 1
148. 1
152. 7
157.3
164.5
48.6
53. 8
61.7
66.5
57.7
60.9
63.1
65.2
65.5
64.0
67.5
69. 1
71.6
26.4
29.3
32.3
31.0
32.2
32.2
32.4
32.3
30.3
30.3
30.6
32.5
33.7
16. 1
16.5
15.9
16.6
15.2
15.9
16.2
16.3
16.2
16.5
16.7
17.0
17.4
23.8
25.2
33.3
37.7
31.9
32.5
34.0
34.7
37.0
37.2
38.0
38.7
41.8
118. 1
123.4
142.9
164.3
134.8
138.4
146.3
151.9
160.9
162.8
165.9
167.9
175.6
65.2
66.8
77.0
89.9
72.1
74.9
79.5
81. 5
87.1
89.5
90.9
92.2
96.2
29.9
32.4
36.0
42.9
35.2
34.1
35.9
38.8
42.2
42.4
43.5
43.3
45.9
10.4
11.2
14.8
16.0
13. S
14.6
15.3
15.6
15.6
15.3
16.0
17.1
18.2
9.8
8.1
8.5
9.0
10. 1
10.7
11.2
8.3
8.7
9.5
10.5
9.1
9.4
9.6
10.0
10.4
10.4
10. 5
10.7
11.1
3. S
4. 1
4.5
5.3
4.5
4.5
4.2
4.3
5.4
5.1
4.6
5.3
6.0
5.9
5.6
5.3
5.0
4.6
4.2
NOTE.—Data for Alaska and Hawaii included beginning 1960.
Source: Department of Commerce.
or
deficit
ncome
and
nroduct
accounts
-1.4
2.3
t)
-7.5
-10.0
-2.5
-3.0
1.4
.3
-12.5
2 2
3.2
-.7
-3.3
-11.9
-14.7
-13.2
-10.7
-11.1
37
OSTAGE AND PEES PAID
SVERNMENT PRINTING OFFICE
UNITED STATES
GOVERNMENT PRINTING Of
DIVISION OF PUBLIC DOCUMENT. W A S H I N G T O N . D.C. 2O4O2
OFFICIAL
BUSINESS
First-Class Mail
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income.
1
Sources of Personal Income
Disposition of Personal Income
Farm Income
L
—
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment..
•
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Selected Measures of Unemployment and Part-Time Employment
Unemployment Insurance Programs
Nonagricultural Employment
i
Weekly Hours of Work—Selected Industries..
Average Hourly and Weekly Earnings—Selected Industries
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
..
Production of Selected Manufactures
Weekly Indicators of Production
New Construction.
New Housing Starts and Applications for Financing
Business Sales and Inventories—Total and Trade
Manufacturers' Shipments, Inventories, and New Orders
Merchandise Exports and Imports
U.S. Exports and Imports of Goods and Services
U.S. Balance of International Payments
PRICES
Consumer Prices
Wholesale Prices.
Prices Received and Paid by Farmers
MONEY, CREDIT, AND SECURITY MARKETS
Money Supply
Selected Liquid Assets Held by the Public
Bank Loans, Investments, Debits, and Reserves
Consumer and Real Estate Credit
Bond Yields and Interest Rates
Common Stock Prices, Yield, and Earnings
FEDERAL FINANCE
Federal Budget Receipts, Expenditures, and Net Lending
Federal Budget Receipts by Source and Outlays by Function
Federal Sector, National Income Accounts Basis..
Page
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-___
26
27
28
29
30
31
32
33
34
,
NOTE.—Detail in these tables will not necessarily add to totals because of rounding.
Data for Alaska and Hawaii are not included unless specifically noted.
Unless otherwise stated, all dollar figures are in current prices.
P Indicates preliminary and . . . . not available.
For sale by the Superintendent of Documents, U.S. Government Printing Office, Washington, D . C , 20402
Price 25 cents per copy; $2.50 per year: $3.50 foreign
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